Bernstein analysts presented a report regarding the situation with the settlement of the dispute between Binance and the US authorities. The cryptocurrency exchange will maintain international dominance, writes CoinDesk with a link to the brokerage company.
Although Binance faced an outflow of funds amid news of a deal with the American government, there was no global panic among clients, experts say.
$1 billion was withdrawn from the exchange, and the total amount of user assets in Binance accounts reaches $67 billion. The company has sufficient funds to pay off the $4.3 billion fine imposed by the US authorities.
Thus, Binance remains the largest international exchange in the crypto market, with every chance of maintaining its leader status, Bernstein is confident.
At the same time, competition in the industry will increase as Coinbase, Kraken and other companies may take advantage of the situation, the report mentions. New exchanges from the regulated markets of Hong Kong and Singapore will put separate pressure on Binance, analysts say.
Bernstein’s forecasts are shared by representatives of Matrixport. Despite the departure of the company’s CEO Changpeng Zhao (CZ) and the fine, the exchange will remain among the leaders in the crypto industry.
CZ previously reached out to Binance employees. The company’s former CEO sent them a letter after he was fired.
Source: Cryptocurrency
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