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Novermber 22, 2023
Binance, the largest cryptocurrency exchange, and its CEO CZ were found guilty in U.S. anti-money laundering violations and failing to comply with the legal registration process.
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The United States Department of Justice (DoJ) after investigation, entered into a settlement deal of $4.3 billion, including stepping down of CEO Changpend Zhao.
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Binance CEO Changpeng Zhao stepped down from his role, after being guilty of violations. The sudden Binance crisis left the crypto community in shock. Moreover, CZ is likely to face legal charges by DoJ.
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After the settlement deal, the U.S. DoJ is likely to drop criminal charges against Binance. However, Binance's Ex- CEO CZ will face charges of anti-money laundering imposed by SEC.
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Started in 2018, the Binance-DoJ case will be considered as one of the larges penalty case in the history of cryptocurrency.
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The Binance crisis and CZ's resignation impacted its price and market position. While writing, BNB is trading at $236.14, with 9.12% fall, with stable market volume of $2,548,951,039, surge of 60.43%.
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Despite asked to pay $4.3 billion, there is no panic in the crypto market. Notably, Binance earned a revenue of $20 billion in 2021 booming Crypto trading. In addition, experts hoping a strong rally for investors.