Adam Back, creator of the Hashcash algorithm and CEO of Blockstream, has said the industry will find a solution if Binance.US stops serving US customers.
He has compared the crypto market to water and noted that it "just flows around." According to him, there are always alternative development options, and "each problem sort of just moves things around somewhere else."
Back has explained:
"The system is antifragile. Something is a problem? Some other company that had a different strategy will get a large amount of users. It's a market and there’s a demand. Once an exchange shuts down or stops servicing one market, people will just move to another exchange, or move to an international exchange."
Last June 5, the SEC sued Binance and its CEO, Changpeng Zhao. The regulator filed 13 charges, including the sale of unregistered securities.
The SEC has demanded a freeze on Binance.US assets.
The US division of the exchange has announced the suspension of dollar deposits and recommended that customers withdraw their trust funds by today.