Can Kraken Exchange Replace Binance, Cryptocurrency Exchange?

Cryptocurrency stock market Binanceis by far the largest crypto exchange by volume, and the impact of the lawsuit filed against it by the Commodity Futures Trading Commission earlier this week will spread far and wide for the industry for the foreseeable future.

Cryptocurrency Exchange Binance’s Bad Days Could Benefit Kraken Exchange

While it’s still early to envision a world without Binance, analysts were quick to point out who’s next to take advantage of the giant’s legal stalemate.

According to crypto advisor and Tokenwise co-founder Jeannette Spaulding, US-based exchange Kraken, which has had its fair share of legal concerns, could immediately take advantage of Binance’s woes.

“At the end of the day, a large part of the crypto industry will find a way to transact,” he said in an interview in Miami. “For many people, Binance is their starting point because it is the easiest solution for them and the cheapest way to access the markets.

If they no longer have access to Binance, there are many other centralized exchanges and many other decentralized exchanges, and it just depends on what people are willing to pay to access the market.”

The CFTC lawsuit accused Binance and its CEO, Changpeng Zhao, of trading unregistered commodities in the US.

But he also claimed that the company facilitated transactions by organized crime and terrorist organizations, leading many to assume that there could be broader pressure against the company.

Binance described the lawsuit as “unexpected and disappointing” and denied most of it in a statement on its website.

*Not investment advice.

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