Reportedly, the board of directors of Binance’s US subsidiary planned to liquidate the BinanceUS exchange in order to save the parent company.
Binance is a global crypto exchange, known for its highly secured crypto trading services. In the US, this exchange provides services through a subsidiary called “BinanceUS”. In June of this year, the US Securities Exchange Commission (SEC) sued BinanceUS, Binance & Binance CEO Changpeng Zhao (CZ).
CZ is currently Chairman of the Board and CEO of Binance.US.
On August 1, 2023, The Information reported that the BinanceUS boards of directors voted in favor of a resolution intended to liquidate the BinanceUS platform, but that the majority of votes did not fully support.
So now the decision to liquidate the BinanceUS platform is over, but if this report is 100% genuine, chances are they will soon consider taking similar steps again as they aim to save the international exchange Binance.
BinanceUS is currently unable to monetize its core crypto trading business model as the BinanceUS team has suspended nearly 100+ crypto asset trading pairs. So in the current times, only a limited number of people are trading Bitcoin and half a dozen crypto assets, and this is not enough for the BinanceUS company to survive.
Last month, several reports claimed that BinanceUS has laid off massive numbers of employees to survive in these situations.
The current situation is very bad for the crypto companies to set up and run Crypto services in the US. Just a few days ago, US-listed crypto exchange Brian Armstrong, CEO of Coinbase, announced that Coinbase had been ordered to remove all crypto asset trading pairs from the platform, except Bitcoin, by the US SEC, but the Coinbase team refused to follow orders.
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