Binance says ‘no comment’ on report it mulled closing U.S. arm to protect its global firm

Binance has decreased to talk about a media report that CEO Changpeng Zhao almost shuttered the crypto trading platforms arm in the United States in an effort to safeguard its worldwide company.Citing confidential sources, the tech media outlet reported that the board of directors of Binances United States entity, Binance.US started a vote to liquidate the company. However, they were not able to reach an unanimous choice, with Binance.US CEO Brian Shroder standing against the choice. Preliminary report on Binance CEO trying to close down the United States exchange. Source: The InformationAccording to the report, Shroder was worried that an abrupt shutdown of the US-based exchange would be harmful to its users as they would be forced to quickly move or liquidate their properties. Cointelegraph connected to Binance however a spokesperson for the exchange said they were “not commenting” on this problem. Binance and Zhao have become a target of United States regulators in the past few months. On March 27, the US Commodity Futures Trading Commission (CFTC) submitted a suit against Binance and Zhao for alleged trading violations. On June 5, the United States Securities and Exchange Commission (SEC) likewise submitted a lawsuit versus the exchange, its US arm, and Zhao, alleging that Binance “enriched themselves” with billions of United States dollars while putting investors at risk. Related: Nigerias SEC alerts against trading on BinanceDespite the regulatory obstacles and dangers, Binance still continues to expand its organization in various parts of the world. On Aug. 1, Binance officially revealed the launch of Binance Japan, offering spot trading for 34 tokens. The exchange prepares to migrate its global users based in Japan to its local version starting on Aug 14, in an effort to adhere to the countrys regulatory framework. In a Twitter ask-me-anything (AMA) session on July 31, Zhao noted that amid the regulative and openness dangers concerning stablecoins, its important to diversify. The CEO highlighted that he bewares of stablecoins like Tether (USDT), which is the biggest stablecoin by market capitalization, and confessed that even Binance USD (BUSD) comes with unforeseeable risks. Magazine: United States and China try to squash Binance, SBFs $40M allurement claim: Asia Express