The industry will find a workaround if Binance.US stops serving US customers. This was stated by the creator of the Hashcash algorithm and CEO of Blockstream Adam Back in an interview with Decrypt.
Back compared the crypto market to water, noting that “it just goes with the flow.” In his opinion, there are always alternative development options, and “every problem just moves things to another place.”
“The system is antifragile. Some other company that had a different strategy will get a large number of new users. There is a market and there is demand. As soon as the exchange closes or ceases customer service, people simply switch to another one,” he explained.
On June 5, the SEC sued Binance and its CEO Changpeng Zhao. The regulator brought 13 charges, including the sale of unregistered securities.
The commission demanded a freeze on Binance US assets. Against the background of the proceedings, the American division of the crypto exchange announced the suspension of deposits in dollars and recommended that customers withdraw fiat funds by June 13
June 6 SEC filed a lawsuit against Coinbase. The agency also alleges that the platform violated securities laws.
Adam Back believes that even with dollar deposits limited, users will start opening euro accounts to trade in another currency. Among cryptocurrency-friendly financial institutions, he noted several banks in Europe, Switzerland and Gibraltar that accept deposits in USDT.
Recall that former SEC lawyer John Reed Stark called for the withdrawal of assets from the platforms. In his opinion, the department and crypto-exchanges will have a long struggle, and clients should “now refuse” to use them.
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