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For those currently using it, will you be switching out of Binance?
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Yes I will be moving funds out of Binance to be safe.
This does not affect the credibility of Binance at all imo. Governments are beginning to view crypto as a threat/opportunity to monetize for them, which is why new regulations are sprouting up all over the place worldwide.
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In the long run, binance should manage to sort this out. But how long that will take can be between a year or 5 years. The opportunity cost associated with such uncertainty especially with crypto’s volatility isn’t ideal.
I personally switched out to crypto.com which offers a suite of services apart from just trading and staking. They’re also MAS exempted pending approval.