In the US, they proposed to ban cryptocurrencies for technology companies
Changpeng Zhao, CEO of Binance, a large cryptocurrency exchange, predicted that Binance would resume cryptocurrency operations in the United States over the next two months.
Zhao, also known as CZ in the cryptocurrency community, made his prediction in an interview with the online edition of Cheddar, published on August 15. Corporations with annual revenues of more than $ 25 billion will not be able to create their own digital money if the government approves a new bill.
When asked about Binance’s return to US operations, Zhao said:
“I don’t want to promise any fixed dates, but a lot of work has been done, and a lot of things are happening, but I would say in a month or two.”
Technology companies want to limit the possibility of issuing their own digital money in the United States. According to The Block, an appropriate bill has been submitted to Congress that prohibits the creation, maintenance or servicing of cryptocurrencies intended for mass use as a means of payment, unit of account or accumulation.
Back in June, Binance announced that the exchange would temporarily restrict services in the US as it worked to open a new unit to work with the Financial Crimes Enforcement Network (FinCEN), a Cointelegraph said at the time.
If approved, the new rules will affect technology companies with annual revenues of over $ 25 billion that offer marketplace services, exchanges and platforms. The penalty in case of violation of the law will be $ 1 million per day
Zhao ultimately expressed optimism about the future of US regulation, citing the country’s clear legal framework for traditional financial services as evidence that the conditions for cryptocurrencies would improve.