Cathie Wood: Binances Legal Troubles Will Help Coinbase Eliminate Competitors
According to Bloomberg, Ark Invest CEO Cathie Wood said in an interview that Binances regulatory issues in the United States would benefit Coinbase as it would eliminate its main competitor. According to Cathie Wood, this is an opportune time for Coinbase to eliminate its most potent competitor in the market. “We have Binance under increasing regulatory scrutiny for more criminal activities, fraud being one of them, therefore we have the competition for Coinbase disappearing, so thats a good thing longer term for Coinbase.” Wood told Bloomberg Television on Thursday. Wood said Coinbase has not been accused of any criminal activity, and most of the other allegations on Binance have nothing to do with Coinbase. The SEC has accused Binance and Coinbase of operating unregistered exchanges and offering unregistered securities, including Binances digital assets: BNB and stablecoin Binance USD (BUSD). As for Binance, however, the US Financial Supervisory Authority has accused cryptocurrency exchange Binance and its founder Changpeng Zhao of operating a “scam website”, accusing him and his exchange on 13 counts. “There are questions about whats a security, about staking, those are the two questions that Coinbase and Binance are facing, but most of the other questions about Binance have nothing to do with Coinbase.” Wood also