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[zeljko]

More and more media are confirming the news that the founder of the crypto exchange Binance and its director Changpeng Zhao has been convicted in the United States of America for money laundering.
According to the conviction, he must immediately resign from his current position with the company and report to court in Seattle. Binance as a legal entity has to pay an enormous fine of 4.3 billion dollars. Of course, there is still the possibility of an appeal.
Currently, the market is holding steady. Bitcoin only fell by a few percent which is a normal change. The price of BNB fell a little more, by 5%, but the chart also shows a slight recovery.

What can we expect tomorrow? New FTX and the whole market down or will the market hold and show the strength of cryptocurrencies?

 

[IB DD]

The Binance CEO has already agreed to step down and Binance as a company has agreed to pay the fine. It is crazy how this happens but I believe he would get a soft landing since he has been cooperating with the trial.

 

[zeljko]

Some people say it is good move for Binance. US authority didn't like Changpeng Zhao and they moved him and now he is free man. Also Binance can now expand on US market like posting their actions on NASDAQ.

 

[IB DD]

The Binance now former CEO had agreed to pay a fine of $50 million. I have observed that Binance has made some changes to it's Anti Money Laundering program. I just hope he gets a soft landing as he has been largely cooperative with authorities on this case.

 

[GoldenLady]

This has been coming after what happened to FTX. CZ hung on for a long while and the success and tenacity of Binance has been attributed to him too.

It's also been too quiet concerning the case a month after, which has left people wondering what is really happening.

 

[IB DD]

Richard Teng, the new CEO has done well in trying to restore the reputation of Binance. All the lax regarding Anti Money Laundering in it's operations have been revamped and the company is looking to the future. It was good that CX was proactive and decided to resign at the time he did.