Former SEC attorney John Reed Stark compared the string of government claims against Binance to a devastating tsunami killing the cryptocurrency platform’s business.
John Reed Stark emphasized that government regulators such as the US Department of Justice and the US Securities and Exchange Commission (SEC) are using the case against Binance to gain new litigation experience and tools to influence the activities of cryptocurrency companies in the future. .
Commenting on his observations, Stark said that Binance was hit by a crushing “tsunami of compliance”, after which its business would never be the same.
The scale of scrutiny from the Department of Justice and the SEC is creating unprecedented challenges for the world’s largest crypto platform, forcing Binance to go on the defensive, Stark explained.
Earlier, a division of the largest cryptocurrency exchange Binance in Abu Dhabi withdrew its application for a license from the financial regulator. According to the site, this is not related to the Binance transaction and US regulatory authorities.
Source: Cryptocurrency
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