Zhao has requested permission to travel to the UAE, where his three children remain.
Judge accepts Binance CEO CZ’s guilty plea, with sentencing in Feb
This court “hereby accepts the guilty plea of the defendant to the charge […] and the defendant is adjudged guilty of such offense,” wrote Judge Richard Jones.
CZ’s Guilty Plea Accepted by Judge, Has Yet to Decide If Binance Founder Can Go Home
A federal judge accepted Binance founder Changpeng “CZ” Zhao’s guilty plea to one count of violating the Bank Secrecy Act, but has not yet weighed in on whether Zhao can go back to the United Arab Emirates before he is sentenced in February.
Binance’s explosive growth led to compliance failures – CEO Richard Teng on $4.3B settlement
The new CEO of Binance takes stock of the exchange’s future following a landmark $4.3 billion settlement with United States authorities in a one-on-one interview with Cointelegraph.
Binance, CZ paid for defying financial, political status quo: Arthur Hayes
Global cryptocurrency exchange Binance paid one of the largest corporate fines in history for challenging the financial and political status quo in America, according to Arthur Hayes.
Bitcoin traders’ bullish bias holds firm even as BTC price dips to $37K
BTC’s correction reveals a disconnect between pro traders’ confidence and retail investors’ skepticism amid regulatory shifts.
Binance Founder CZ Stuck in U.S. for the Moment
A district judge ordered Changpeng “CZ” Zhao to stay in the U.S. until he could make a proper ruling on a U.S. Department of Justice motion to block him from returning to his home in the UAE.
Binance’s Changpeng ‘CZ’ Zhao is a Manageable Flight Risk: U.S. DOJ
U.S. argues that Binance’s former CEO should remain free until sentencing – but only in the U.S.
Ethereum (ETH) price reclaims $2K as data shows a surge in network activity
Despite regulatory action against Binance, a surge in Ethereum network activity and the expectation of a spot ETF approval fueled a price move above $2,000.
CZ an ‘unacceptable risk of flight,’ should stay in US: DOJ
U.S. prosecutors are pushing for CZ to stay in the country, saying they “would not be able to secure his return” if he’s allowed back to Dubai.
Binance’s Ex-CEO CZ ‘Poses a Serious Risk of Flight,’ Prosecutors Claim in Asking He Stay in U.S.
Binance CEO’s downfall is ‘the end of an era’ — Charles Hoskinson
The Cardano founder claimed that crypto entrepreneurs must comply with regulation or use completely decentralized systems in the future.
Panic At Binance Following CZ’s Departure? Analyzing 24-Hour Inflow and Outflow Trends
A new era for the crypto industry approaches as the world’s largest exchange, Binance, changes leadership. Yesterday, the company’s founder and CEO, Changpeng “CZ” Zhao, stepped down as part of an agreement with the US government.
The deal might have sparked a new era of adoption and legitimacy for the nascent industry at the cost of CZ’s position and a $4 billion fine. Fresh data looked into Binance’s transactions to check if users believe in the company’s future following the historic decision.
Binance Safe From FTX Like Bank Run?
According to crypto analysis firm Nansen data, Binance recorded almost $1 billion in negative netflow following yesterday’s news. The data indicates that the platform’s USDT value decreased by $246 million, followed by Bitcoin’s value, which declined by $76 million.
Users who feel uncertain about the platform’s future withdraw their money, potentially triggering a bank run. However, Nansen’s data shows that this scenario is far from materializing in this trading venue.
While the negative netflows stand at $955 million, there is no “mass exodus” or panic from users trading on Binance. Nansen claims the platform’s holding value increased from $64.6 billion to $65.2 billion.
The analytics firm previously stated that Binance handled bigger net flows. First, when the US Securities and Exchange Commission (SEC) filed a lawsuit against the company, and later, when FTX went bankrupt following a massive bank run.
As mentioned, Binance seems unlikely to follow a similar fate. Nansen stated:
In the past, Binance has processed higher volumes of outflow and negative netflow: Jun 2023 after the SEC sued Binance, December 2022 after insolvency rumors, and the immediate aftermath of FTX. We will provide another update 24 hours after the news originally broke.
CZ’s Departure Forecast Good Times For Crypto
Across the crypto community, the debate around CZ’s departure has been fierce. However, the consensus is optimistic.
A report from The Block cites major banking institution JPMorgan claiming that the Binance deal removes a “systemic risk” for the industry. In 2022, when FTX collapsed, the price of Bitcoin crashed to a low of $15,000 and took months to recover.
With 150 million users on its platform and millions of capital injected into multiple ecosystems. Binance’s collapse would have been equally, if not more, catastrophic than FTX for the nascent industry.
JPMorgan analyst Nikolaos Panigirtziglou told The Block:
We see the prospect of settlement as positive as uncertainty around Binance itself would subside and its trading and Smart Chain business would benefit. For crypto investors the prospect of settlement would see the elimination of a potential systemic risk emanating from a hypothetical Binance collapse.
Cover image from Unsplash, chart from Tradingview
Did Binance’s CZ predict his own downfall?
An exclusive interview with Cointelegraph in 2018 highlighted growing scrutiny of Binance’s meteoric growth.
Binance Processes Nearly $1B in Net Outflows as Changpeng ‘CZ’ Zhao Resigns
Data shows the exchange sits on over $67 billion worth of tokens, easing concerns of a possible bank run.
Bitcoin and BNB Recovery as Binance Plea Seen Boosting Spot ETF Odds
Some observers believe Binance’s downfall has boosted the spot-ETF approval odds.
Is Binance Big Enough to Survive a $4.3B Fine and Founder CZ’s Ousting?
Binance’s Busy Day, Kraken’s Second SEC Fight
Binance is paying one of the largest fines in corporate history to the U.S. Department of Justice, while its founder and CEO, Changpeng “CZ” Zhao, stepped down from his role running the platform as part of a settlement with multiple federal agencies. Meanwhile, Kraken is facing a lawsuit from the U.S. Securities and Exchange Commission that echoes the SEC’s previous wave of suits.
Binance Founder Changpeng ‘CZ’ Zhao Released on $175M Bond, Will Be Sentenced in February
Binance founder and former CEO Changpeng “CZ” Zhao has been released from custody on a $175 million personal recognizance bond.
What’s Next for Ex-Binance CEO CZ? Passive Investing, DeFi
The former Binance CEO will remain a shareholder and a consultant for the company.