Binance.US decides to delist certain trading pairs! Cathie Wood: Competitors to Coinbase are disappearing

After the U.S. Securities and Exchange Commission (SEC) charged Binance.US and its CEO CZ with violating securities laws on Tuesday, the platform has decided to delist some trading pairs. However, Coinbase, which is also facing the same lawsuit, currently has no plans to delist any tokens. Additionally, Cathie Wood, CEO of Ark Invest, who continues to monitor the cryptocurrency industry, commented on the matter, stating that Coinbase will profit from Binance's crisis.

Event Recap: U.S. SEC accuses Binance Holdings and Zhao Changpeng of violating securities laws

Binance.US Delists BUSD and BTC Trading Pairs

According to an announcement by Binance.US, the exchange had initially planned to delist approximately 100 trading pairs yesterday evening. However, based on community feedback, Binance.US decided to no longer delist USDT trading pairs and only removed BTC and BUSD trading pairs.

Additionally, Binance.US announced that it will simplify the token buying, selling, and conversion processes and temporarily suspend over-the-counter (OTC) trading services.

The following are the 10 trading pairs that have been removed:

However, it is puzzling that among the delisted trading pairs, only ATOM, MANA, and BUSD were involved in SEC securities charges, yet Binance.US did not provide any explanation regarding this matter.

Furthermore, CZ also received a notice today via Twitter that he needs to respond to a subpoena from a U.S. court, which is just part of the SEC regulatory process and does not require him to appear in person.

I was told this is just part of the SEC compliant process. Nothing new.

Also told I won't have to appear in person. No need to FUD. 🙏 pic.twitter.com/NYUlBCIirG

— CZ 🔶 Binance (@cz_binance) June 7, 2023

Coinbase Has No Plans to Delist Any Assets for Now

Aside from Binance, Coinbase was also recently sued by the SEC. However, according to a report by The Block, Coinbase has not made a decision to delist any trading pairs. Coinbase's Chief Legal Officer, Paul Grewel, mentioned in The Block's podcast:

"We have, of course, been monitoring new facts, new information, and new allegations to understand whether our prior analysis was incorrect. But as of right now, we have not made any decisions to delist assets, and we remain confident in our original analysis."

Event Recap: SEC's Lawsuit Against Coinbase Summary | The Achilles' Heel of Staking Services, More Unregistered Securities Than Binance, Stock Price Plummets by 20%

Ark Invest's Cathie Wood: Coinbase's Competitors Are Disappearing

According to a report by Bloomberg, Cathie Wood, CEO of Ark Invest and the fourth-largest shareholder of Coinbase, shared her thoughts on recent events.

"Binance is facing more criminal charges due to increasing regulatory scrutiny, including fraud. Therefore, Coinbase's competitors are disappearing, which is a good thing for Coinbase in the long run," stated Cathie Wood.

Cathie Wood's perspective stems from the fact that Coinbase has not faced any criminal charges, mostly dealing with securities and staking-related issues, challenges that both exchanges need to confront. However, many of the charges against Binance have not been present in Coinbase's case.