Binance Bitcoin and reserves for stablecoins don’t seem to fluctuate despite the consecutive investigations and warnings from six countries such as Canada, Japan, and the UK. Furthermore, data shows that legal challenges faced by Binance didn’t make the investors panic.
“Although investigated and warned by six countries, the data showed that Binance’s Bitcoin and stablecoin reserves did not show any particular fluctuations,” Wu Blockchain tweeted on Monday. The Chinese Journalist also noted, “This shows that the market did not really panic about Binance being warned by these countries. On the contrary, when the Chinese government cracks down, huobi often sees a large outflow, indicating that the market is truly panicking.”
For the past week, Binance has been receiving a series of legal challenges because of the tightened security protocols in some countries like Canada and the UK in terms of cryptocurrencies.
When Ontario, Canada, asked cryptocurrency exchanges in the province to comply with its improved laws and regulations, some filed a complaint with regard to said changes while Binance chose to shut down its business.
Meanwhile, in the UK, the FCA published a circular unauthorizing Binance to stop its operations in the country. In addition, the authorities in the UK told the firm to halt its unregulated activities.
Although last week was full of Binance news facing new challenges in different countries, some users don’t seem to bother. The report above shows how resilient Binance is in the middle of controversies and crypto market turbulence.