World's largest crypto exchange Binance CEO resigns to pay one of the biggest penalties in the history of US settlements
One of the well-known reputed crypto exchange Binance CEO CZ resigns as the exchange pleaded guilty of violating the laws of US Anti Money Laundering. The renowned face of the exchange Mr. Changpeng Zhao, who is also known as CZ, steps down from the position of the CEO. This has shocked the entire crypto market with so much uncertainty of where the crypto market will head towards and what will be the fate of the biggest crypto exchange.
Founder Changpeng Zhao Aka CZ immediately stepped down from the CEO position as he pleaded guilty in Seattle to charges he faced personally and agreed to pay a fine of $50million.
Richard Teng, a former regulator of Abu Dhabi and later Binance’s regional marketing head, will take over the role of CEO.
According to the Lawsuit, on Tuesday, the world’s largest exchange found guilty of not adhering to Anti Money Laundering guidelines of US, operating under unlicensed operating business of transmitting money to sanctions countries along with listing unregulated securities on the exchange.
The price of Binance token BNB falls 8.3% in the past 24 hours as soon the news broke in public.
Earlier today he Tweeted that stepping down from Binance CEO was a very emotional decision, however it was the right thing to do. He further admitted that he made some mistakes and must take responsibility which will be best for the community, business and himself.
At the time of the price crash, traders witnessed mass liquidation in the early hours approximately $3.5million at the time of this writing. This event on Tuesday was well overdue and expected by many and was considered to be the biggest nightmares for many. While there were no official press conference or statements issued from Binance Exchange, however it is said that this will not lead to any collapse alike FTX, considering the resignation of the Changpeng Zhao and appointment of the new CEO.
The world’s largest crypto exchange Binance CEO resigns and this news came as a shock for many, as CZ was the face of the exchange. The journey of this exchange and CZ was very inspiring and made a respectable name in the crypto market as brand and stability.
What will be the future of Binance Exchange and Investor’s money lying in the Exchange after the Binance CEO CZ resigns?
From small to medium to large investors are worried now about what will happen to the fate of Binance cryptocurrency and exchange. Everyone wants to know will this trigger the next big crash in the crypto market after similar incident happened during FTX exchange collapse last year in 2022.
Hundred of questions unanswered. Should the investors liquidate all the funds from the Binance. There is a lot of rumor all around in the minds of the investors.
Amidst this news breakout, some of the Top whale investors says this is not like before and despite this news the sentiment of the crypto market is very positive and expects an upcoming bull run between end of 2024 and middle of 2025.
The price of Binance token BNB has dropped from $271.71 to $224.22 on Tuesday 22 Nov 2023. How far this will go before it again corrects.
Readers are requested to share their thoughts on why Binance CEO CZ resigned & any legit news or updates from this market which may be important for the investors.
Watch the below Video if you would like to know all about this Mastermind behind the worlds Largest Crypto Exchange CZ Aka Changpeng Zhao.
Disclaimer: This post is intended solely for informational purposes and should not be taken as legal, tax, investment, financial, or any other form of advice. Although all the information provided is true to the best of our knowledge, it is advisable to research well before making any kind of investments or decisions in general. The team of ReadingCrypto bears no responsibility in the event of any adverse outcomes.
