It’s over for ChangPeng Zhao. He has just resigned from his position as CEO of Binance against a backdrop of disputes with American justice. The fate of Binance is not yet known. But said the crypto company agreed to pay a huge sum to show goodwill towards regulators.
CZ is no longer CEO of Binance
To show his support for Sam Altman, who was fired by the OpenAI Board of Directors last Friday, Zhao slipped this comment into a tweet: “ Knowing when to let go of a company you’ve founded is one of the toughest decisions to make. “.
But a question arises: the “ delicate decision » that he mentioned, is it his or that of ChatGPT’s father?
“ Binance CEO CZ steps down as part ofa $4 billion settlement with the DOJ.
The United States Department of Justice plans to settle charges against Binance after years of investigation into the crypto exchange. »
Right now, the crypto community is on fire. The cause ? CZ had to give up his position as CEO of Binance, the most popular cryptocurrency exchange in the world. Certainly against his will.
According to The Wall Street Journalthe man who always knew how to maintain an image of an inflexible leader, a tireless protector of the crypto industry, recognised ” having committed wrongdoing “.
Thus, he had to throw in the towel after so many years of investigation by regulators into the crypto juggernaut he founded in 2017. Before the federal court in Seattle, he will plead guilty of violating US anti-money laundering laws.
The fate of Binance not yet known
“ – CZ steps down from Binance leadership in settlement for violating anti-money laundering rules.
– CZ will retain its majority stake in the company (similar to Arthur Hayes’ arrangement with US authorities when he struck a deal).
– Binance will pay $4 billion to the Department of Justice; it could be allowed to continue its activities. »
A Forbes article confirmed to us the existence of “ major $4 billion deal between Justice Department and cryptocurrency exchange “. This information would come from people familiar with the matter.
However, we will note that the Securities and Exchange Commission (SEC) will not participate in this agreement. Only Binance and the DOJ are affected.
As for the fate of Binance, you have certainly noticed that the choice of conditional in the tweet from Frank Chaparro of The Block. We will therefore wait for the official communication from the DOJ today to find out more about its future.
However, this department has already shown restraint in its investigations concerning the issuer of the BNB crypto. Attacking Binance means the collapse of a multi-trillion dollar market. And of course to more than 150 million investors from all over the world.
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