The industry will find a workaround if Binance.US stops serving customers in the United States. This was stated by Hashcash algorithm creator and Blockstream CEO Adam Back in an interview with Decrypt.
Back compared the crypto market to water, noting that “it simply flows with the current”. In his view, there are always alternative paths for development, and “each problem merely moves things elsewhere”.
“The system антихрупкая. Some other company, which had a different strategy, will gain a large number of new users. There is a market and there is demand. As soon as an exchange closes or stops servicing customers, people simply move to another,” he explained.
On June 5, the SEC filed a lawsuit against Binance and its CEO Changpeng Zhao. The regulator brought 13 charges, including the sale of unregistered securities.
The commission sought the freezing of Binance US assets. In light of the proceedings, the US arm of the crypto exchange announced the suspension of dollar deposits and urged clients to withdraw fiat funds by June 13.
On June 6, the SEC filed a lawsuit against Coinbase. The agency also contends that the platform violated securities laws.
Adam Back believes that even with restrictions on dollar deposits, users will start opening accounts in euros to trade in another currency. Among crypto-friendly financial institutions, he noted several banks in Europe, Switzerland and Gibraltar that accept deposits in USDT.
Earlier, former SEC lawyer John Reed Stark urged users to withdraw assets from the platform. In his view, the agency and crypto exchanges face a long fight, and customers should immediately stop using them.