Binance, the world’s largest cryptocurrency exchange, is on the verge of a landmark settlement with the Department of Justice (DOJ) that would require it to pay a staggering $4 billion.
What Happened: This settlement aims to address a string of criminal violations, marking one of the DOJ’s most extensive probes into a crypto entity.
Changpeng Zhao, Binance CEO, has publicly announced his resignation in the wake of the settlement. “Today, I stepped down as CEO of Binance,” Zhao stated on X.
Richard Teng, previously the head of regional markets at Binance, is set to succeed Zhao. The settlement dictates several conditions Binance must adhere to in order to comply with legal requirements.
Despite stepping down from his executive role and facing these restrictions, Zhao is permitted to retain his majority ownership of Binance, as reported by The Wall Street Journal.
See More: Dogecoin HODLERs Are Beating Shiba Inu With 57% Landing In Profits, IntoTheBlock Data Reveals
Why It Matters: Two months prior to these events, speculations about Binance’s legal troubles were already being voiced by industry insiders.
On Aug. 31, crypto analyst Adam Cochran shared a series of tweets hinting at potential DOJ actions linked to the SEC’s case against Binance.
“So after some digging my personal hunch is that the sealed motion in the SEC v Binance case references a DoJ case,” Cochran tweeted. He continued to unveil a narrative suggesting the SEC’s demand for evidence and a mysterious sealed motion.
5/6My guess based on that and how we saw them treat Tornado cash, is CZ gets OFAC’d in the next year, Binance gets fines and cut up but maybe still somewhat exists.But depends on the scope of DoJ action.
— Adam Cochran (adamscochran.eth) (@adamscochran) August 30, 2023
His prediction also included a speculated sanction on Zhao and fines for Binance.
“My guess based on that and how we saw them treat Tornado cash, is CZ gets OFAC’d in the next year, Binance gets fined and cut up but maybe still somewhat exists. But depends on the scope of DoJ action.”
Kevin O’Leary, the “Shark Tank” investor and Chairman of O’Leary Ventures, cast doubt on Binance’s future during Benzinga Fintech Deal Day & Awards. O’Leary said “Binance will be history soon,” aligning with broader concerns…
Click Here to Read the Full Original Article at Cryptocurrencies Feed…
