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Binance Swiftly Delists Entities Amid Escalating Regulatory Scrutiny

Recent findings reported by Diving Into DEXs indicate that Binance, under the leadership of its former CEO Changpeng Zhao, has adopted an expedited approach to delisting entities. This acceleration follows a settlement of $4.3 billion with U.S. regulators, encompassing allegations of operating an unlicensed exchange among other charges.

Kaiko analysts highlighted that in 2023, Binance wasn’t alone in reducing its listing offerings. Coinbase and OKX also participated in delisting certain instruments. Conversely, Kaiko data suggests that U.S.-based exchange Kraken slightly expanded its support for cryptocurrencies during the same period.

A mid-October 2023 report by Kaiko revealed a significant surge in delistings, indicating over 3,445 tokens or trading pairs removed or made inactive across major platforms. This marked a 15% increase compared to the entire tally for 2022. Among these, Coinbase accounted for the removal of 80 trading pairs, reaching a total of 176 delisted instruments in 2023.

In early December 2023, Binance’s newly-appointed CEO, Richard Teng, acknowledged shortcomings in the exchange’s compliance controls during its launch phase, conceding to past mistakes. This admission followed remarks by the U.S. Department of Justice, which pointed out deficiencies in Binance’s anti-money laundering procedures, attracting criminal activity to the platform.

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