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In the last few days, many high-profile announcements in the field of cryptocurrencies have been associated with the Binance exchange. The company is really doing a tremendous job to expand the possibilities of cryptocurrencies and their areas of application. However, on March 12, a situation occurred that could seriously affect the company's reputation and the cryptocurrency market.
The US regulator (the Commodity Futures Trading Commission) has launched an audit of Binance. According to the authorities, the crypto exchange is suspected of allowing US residents to trade in financial instruments without a proper license. It should be noted immediately that this is just a check and suspicion, and not an irreversible truth of violation of the law.
The head of Binance, Changpeng Zhao, called such a notice an attempt to compromise the company's activities and sow panic among market participants. The CEO urged the public not to pay attention to the verification of the crypto exchange. Recall that on March 12, the company launched its own payment system Binance Pay, which allows absolutely any business entity to use cryptocurrencies as a means of payment.
Based on the dynamics of market development, public interest in it and investment processes, the launch of the system should be a great success. However, such statements about suspicions of trading without permits will at least cast a shadow on the company's reputation, and it will take some time before market participants completely remove doubts about any product that Binance creates and launches.
The bottom line is that there is nothing wrong with this news, but it happened at the most untimely moment. This investigation may significantly affect the future of the Binance Pay payment system and the further development of the cryptocurrency market. It is worth noting that the CEO of the company reacted instantly, and this is the right move in the current situation, which will reassure investors and other market participants. Now it remains only to closely monitor the results of the investigation, and only then we can draw certain conclusions.
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