Founder and CEO Changpeng Zhao and others were charged with violating the Bank Secrecy Act by failing to implement an effective anti-money-laundering program and for willfully violating U.S. economic sanctions and Binance agreed to forfeit $2.5 billion to the government and pay a fine of $1.8 billion — a combined $4.3 billion — and it is "one of the largest penalties we have ever obtained," according to U.S. Attorney General Merrick Garland.
With This CEO Changpeng Zhao 'CZ' is step down from his position. He will also pay $50 million toward the settlement as well.
And we noticed the significance of The exchange's native token, BNB, is down more than 8% in the last 24 hours. Binance holds around $2.8 billion worth of BNB tokens, according to Nansen.
Now Some speculate that crypto will be better off with Binance’s founder Changpeng ‘CZ’ Zhao being punished for wrongdoing while leading the world’s largest cryptocurrency exchange.
And Eliminates potential systemic risk associated with a hypothetical collapse of the exchange. And more negative reaction.
Some are comparing it to Another 'FTX'.
( My thoughts )
1st: having said that CZ is stepping down and taking all bullets, head first, it's means alot. BINANCE is taking the Full responsibility to the issues and resolving it. not hiding from it nor escaping, nor denying.
2nd; What are the violation Of binance charged with conspiring to run an unlicensed money laundering/ transmitting business and violating banking and sanctions laws. Just a Question, is there any money been missing from the client/user? Are they taking about on the application system and security that may have/use to money Launderd. That is why Binance is updating time to time putting extra security and insurance. One of the largest holds of assets.
3rd: And we can't deny the Facts, 'CZ' His contributions The innovation, Promoting the important and benefits and information of the cryptocurrency to New aged. the significance not just in Binance company but to the Crypto world it self.
Don't take it away from CZ Those achievements and accomplishments.
Binance remains the world's largest crypto exchange globally, processing billions of dollars in trading volume every year.
Binance is likely to make it through the ordeal despite a turbulent situation.
How about you guys what's your Takeaway from this?
Do You think it is the start of collapsed of binance?
NOTE: not indorser or affiliate to any platforms or Binance.
#BTC #BINANCE #RichardTeng #CRYPTO
