The post Binance (BNB) Gives up on $1 Billion Deal: What This Means for Ripple (XRP) and TMS Network (TMSN) appeared first on Coinpedia Fintech News

Cryptocurrencies have always battled attempts by traditional finance, central banks, and government regulators to stifle DeFi innovation. Even as the crypto industry prospered and crossed $1 trillion in market cap – twice – governments have doubled down in their efforts to hurt this booming industry. The latest development in this proverbial cat-and-mouse saga is Binance (BNB) quitting its $1 billion deal to acquire Voyager. Binance’s (BNB) decision comes close on the heels of the SEC’s objections to the deal. Binance (BNB) backtracking on its deal can have huge ramifications for other cryptos in the industry, such as Ripple (XRP) and TMS Network (TMSN). 

Binance (BNB) Withdrawing From the U.S.?

Binance (BNB) is the biggest crypto exchange in the world by sheer volume of transactions. So, it’s not surprising that it is the most controversial one too. Binance (BNB) has engaged in innumerable scuffles and skirmishes with regulators around the world. Just recently, Binance (BNB) was forced to stop its derivatives trading services in Australia. Since the beginning of the year, U.S. regulators have hounded Binance (BNB) for alleged irregularities in its finances and business operations. The SEC has strongly resisted Binance’s (BNB) local subsidiary, Binance.US acquiring the embattled Voyager in a $1 billion deal.

After months of speculation, scrutiny by regulators, and legal action, Binance (BNB) has backed down from the deal. While some observers interpret this as a clear case of Bullying by the government, others opine that crypto projects like Binance (BNB) need to be more meticulous and disciplined in their operations going forward. 

Ripple (XRP) Gets a Breather With Luna’s Verdict?

A lot of speculations surround the upcoming verdict in the SEC vs. Ripple (XRP) case. On rumours of Ripple (XRP) likely bagging the verdict, the token has witnessed unprecedented interest from investors. In fact, Ripple (XRP) has already surpassed $1 billion in daily trading volumes. Remarkably, Ripple (XRP) has maintained these trading volumes for several days now. Clearly, investor sentiment is positive for Ripple (XRP). 

Interestingly, Ripple (XRP) got some support from an unexpected source. Earlier this week, a South Korean court declared that the cryptocurrency LUNA could not be considered a security or a financial instrument. That’s precisely what Ripple (XRP) has been arguing in the lawsuit against it. Sure, the U.S. court may not defer to the judgment of a foreign court, but that does not change the fact that a precedent has been set. 

TMS Network (TMSN) Pulls Former CEX Users

Among the various cryptocurrencies, TMS Network (TMSN) has the most to gain from government regulators tightening the noose around cryptos’ necks. That’s because TMS Network (TMSN) is a DEX that is not headquartered in the U.S. Therefore, TMS Network (TMSN) is not subject to the increasingly hostile actions by the U.S. against cryptos. With CEXs like Binance (BNB) facing the music from regulators, TMS Network (TMSN) operates with near impunity worldwide. That’s because TMS Network (TMSN) is managed by a decentralized structure, where token holders vote on all important decisions. So, there are never any shady back-end dealings to worry about.

TMS Network (TMSN) is an upcoming DEX that allows investors to trade cryptos, CFDs, equities, and forex. TMS Network (TMSN) is currently raising funds over an ICO and is in stage 3 presale. The TMS Network (TMSN) token has already appreciated by 212% in the past 3 months and continues to grow. As the regulatory environment tightens, TMS Network (TMSN) is best-poised to grow.

Presale: https://presale.tmsnetwork.io
Website: https://tmsnetwork.io
Telegram: https://t.me/TMSNetworkIO
Twitter: https://twitter.com/@tmsnetwork_io

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Filed under: Bitcoin - @ May 8, 2023 6:23 am