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After five years, the U.S. regulatory investigation into Binance has finally come to a conclusion.
In the early hours of November 22, Beijing time, the U.S. Department of Justice announced a settlement with Binance. As part of the settlement, Binance and its CEO, Changpeng Zhao (CZ), admitted guilt to U.S. federal charges. Zhao resigned as CEO of Binance and faces imprisonment, while Binance is required to pay a massive fine of $4.368 billion. This marks the largest fine in the history of the U.S. Treasury Department.
In response to the outcome of this lawsuit, reporters from Hua Xia Times sent interview requests to Binance, but as of the time of writing, no response has been received. However, several Binance employees and individuals close to Binance have informed reporters that the company is currently operating normally, and work has not been affected. The case has been ongoing for a long time, and now that it has come to a close, it should be a good thing for the company.
Regulators confirmed that Binance did not engage in market manipulation.
After news of the settlement emerged, the overall cryptocurrency market, which had recently shown some upward momentum, experienced a general decline, plunging into a new bout of distress. Among them, Binance Coin (BNB), the platform token of Binance, fell by over 10% at one point. As of the time of writing, the latest price of BNB is $232.81, with a 9.89% decline in the last 24 hours. Bitcoin fell below $37,000, currently trading at $36,476.64, with a 2.26% intraday decline, and Ethereum also dropped below $2,000, currently at $1,993.54. |
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Post time 27-11-2023 06:09:27