$BTC November 23, 2023 @CryptoBoosterGlobal presents.

For years, Changpeng Zhao, better known as CZ, the charismatic founder of Binance, repeated a promise - Binance.com was embracing regulations worldwide. A cryptocurrency exchange claiming to operate with transparency, inviting anyone to scrutinize its operations. In 2021, Binance Binance's CZ Pleads Guilty: A Timeline ...
soared to unprecedented heights, with a monthly trade volume greater than the next four biggest exchanges combined. But behind the scenes, whispers of regulatory dodging began to surface, and as some skeptics predicted, it turned out to be a ticking time bomb.
In the early days, CZ was vocal about the need for exchanges to operate properly within the regulatory framework. He claimed, "We run a very clean business." Yet, the reality behind the scenes was far from what was publicly declared.
, founded in 2017, quickly became the largest cryptocurrency exchange globally by trade volume. CZ's global vision and the platform's rapid growth put it in a league of its own. However, challenges arose as regulatory hurdles presented themselves.

First, there was China, where the government swiftly banned crypto exchanges. Binance, not Binance's CZ Pleads Guilty: A Timeline ...
First, there was China, where the government swiftly banned crypto exchanges. Binance, not wanting to go against governments, shifted its base. Japan followed, issuing warnings about trading without a license. Binance, refusing to be tied down, stopped disclosing its location altogether. It operated as an entity without an office, claiming to be a community rather than a company.
Complications and Turning Points: Binance's U.S. Saga
Operating without a home base made operations complex, especially in the U.S., which accounted for a significant portion of its user base. A compliance officer's message hinted at operating as an unlicensed security exchange in the U.S. To comply, Binance launched Binance US in 2019, intending to operate independently. However, behind the scenes, the intention was to serve U.S. users while tapping into the larger website.
Binance's CZ Pleads Guilty: A Timeline ...
Rapid Growth Amid Skepticism: The Puzzle Pieces Come Together
Despite regulatory scrutiny, Binance continued its meteoric rise. By 2022, CZ's net worth approached $100 billion, placing him among the likes of Mark Zuckerberg and Warren Buffett. The company thrived on a global scale, seemingly unfazed by mounting skepticism and investigations.
The Unraveling: Legal Battles and Global Retreat
The year 2023 proved to be the turning point. Legal battles ensued, starting with the CFTC suing Binance for illegal operations in the U.S. In May, Binance withdrew from Canada, citing changes in regulations. The SEC filed a lawsuit in June, alleging CZ's undisclosed control over Binance US. Investigations spread globally, leading to withdrawals from markets in Europe. Layoffs, executive departures, and a $4.3 billion settlement with the Department of Justice followed.
CZ Steps Down: A Changing Landscape
Binance's CZ Pleads Guilty: A Timeline ...
CZ Steps Down: A Changing Landscape
In November, CZ pleaded guilty to violating anti-money laundering requirements, and Binance agreed to pay the historic $4.3 billion fine. CZ stepped down as CEO, and Richard Tang took the reins. The settlement allows Binance to continue operating but with much tougher oversight from U.S. authorities.
Conclusion: Binance's Legacy and Future Uncertainty
Binance, once the largest cryptocurrency exchange globally, is now paying one of the largest corporate penalties in U.S. history. As CZ steps down, the question looms: Can Binance survive without its charismatic founder? The fallout from these charges could ripple across the broader crypto market, marking the end of a transformative chapter for the exchange.