Binance: $BNB The Future of Exchanges.

[mich]

Well I think it is such a big settlement for Binance to pay $4 Billion to settle with the Department of Justice. And CZ has to also pay a fine of $53 Million of his own money.
Binance exchange holds 40% of the world's cryptocurrency. And there is already now $1.3 Billion of user funds withdrawn since news of this indictment. I just do hope this is not a case like SBF.

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[nimogsm]

Based on the latest news, I expected a greater drop in the bnb price. Fortunately, everything turned out according to a more positive scenario. In any case, this is a strong reputational blow to the exchange and at the end of the year it will now be interesting to see how the story will develop further.

[batang_bitcoin]

Based on the latest news, I expected a greater drop in the bnb price. Fortunately, everything turned out according to a more positive scenario.

Bitcoin is up and so the market does. When the news of CZ stepping down was there, the market reacted so fast and I think that the sentiment all over is bullish.
Or it is that the whales are done buying all of those cheap coins like BNB for them that have been down by 9% based on the news that has been released about CZs announcement.

In any case, this is a strong reputational blow to the exchange and at the end of the year it will now be interesting to see how the story will develop further.

End of this year, next year and also for 2025.

[Myleschetty]

If no one in this thread heard the latest update on Binance, CZ agreed to settle his case with the DOJ, pay $4billion and he pleaded guilty on charges of moneylaundering. He will also go to prison for 2 years. However, it appears that despite of this bad news, BNB was not dumped to go under $200. This might be bullish for BNB, I reckon.

BNB didn't dump because there is so much FUD going on and some mainstream media are behind it. However, we don't know if CZ will have to pay the $ 4.3 billion DOJ since he has pleaded guilty to the violation of the anti-money laundering requirement and I also read that he (CZ) will face 18 months in prison.
Meanwhile, another crypto exchange CEO will be targeted soon and this is what we should expected ever since the BTC spot ETF is filed for because the authority will want to clean the system and make sure all KYC activities are fulfilled.
Having said that,  we will know on Monday if CZ will go to prison for 2 years, 18 months, or not. Attached are the conditions of his sentence.

[nelson4lov]

Based on the latest news, I expected a greater drop in the bnb price. Fortunately, everything turned out according to a more positive scenario. In any case, this is a strong reputational blow to the exchange and at the end of the year it will now be interesting to see how the story will develop further.

It was a long time coming. Teng was initially rumored to replace CZ since June when Binance got slapped with that court filing by the SEC  — they thought they could maneuver their way around this one but the US justice system is one of the best in the world at finding and prosecuting criminals.

It's going to be a wild west in the industry in the coming year. CZ and SBF were on top of the food chain during the last bull run so much that they were featured in Forbes.

[mich]

Yes I think we all was thinking the price of BNB would go down alot. And if you do hodl the coin then you canbme ok with what the price is.

So now the US prosecutors think if CZ goes to UAE he might not return for the trial. So they want him to remain in the US.

https://www.reuters.com/technology/us-prosecutors-want-binances-zhao-remain-us-until-sentencing-filing-2023-11-22/

[rodskee]

Based on the latest news, I expected a greater drop in the bnb price. Fortunately, everything turned out according to a more positive scenario. In any case, this is a strong reputational blow to the exchange and at the end of the year it will now be interesting to see how the story will develop further.

Because it is given mate that Binance is a strong company and they have a stable supporters
Plus another thing that CZ does not completely leave the company instead he was just something like demoted for the
time being and we don't know what happened in the future.

Yes I think we all was thinking the price of BNB would go down alot. And if you do hodl the coin then you canbme ok with what the price is.

So now the US prosecutors think if CZ goes to UAE he might not return for the trial. So they want him to remain in the US.

https://www.reuters.com/technology/us-prosecutors-want-binances-zhao-remain-us-until-sentencing-filing-2023-11-22/

That is part of the agreement I think and yes this must be the situation to show that He is still
on trial but the way it looks? there have been a settlement agreement from CZ and the government .

[passwordnow]

Yes I think we all was thinking the price of BNB would go down alot.

Everyone was thinking that it's going to be that the price would send down for BNB because of the news that we've seen but we're all wrong on that part because it seems that BNB just retained the current price that it has got before and after the news. Not that much major or grandstand correction or price pump.

And if you do hodl the coin then you canbme ok with what the price is.

Yup, I'm still okay with the price and that doesn't give me that scare at all. As long as it is moving not that low at all despite the situation and news that we're having, it's still fine honestly and it has been stagnant for how long already. I thought that we might see $700 during the bull run or even higher than that. But if my expectation won't exceed or reach that price, that's not a problem.

So now the US prosecutors think if CZ goes to UAE he might not return for the trial. So they want him to remain in the US.

https://www.reuters.com/technology/us-prosecutors-want-binances-zhao-remain-us-until-sentencing-filing-2023-11-22/

I thought that everything is fine already, so this is going to be a long process and could end up CZ holding the bars just like SBF? They have different cases but let us see on how the development will go for them.

[o48o]

Yes I think we all was thinking the price of BNB would go down alot. And if you do hodl the coin then you canbme ok with what the price is.

So now the US prosecutors think if CZ goes to UAE he might not return for the trial. So they want him to remain in the US.

https://www.reuters.com/technology/us-prosecutors-want-binances-zhao-remain-us-until-sentencing-filing-2023-11-22/

But is he a flight risk or not? With that status hiding is nearly impossible, but you can do magic with the money he has.
For example he could buy a citizenship from a country that doesn't have extradition agreement with us. I am sure he wouldn't like to do that, but better that then getting several life sentences in US prison.
I am not sure why he decided to even go to us in the first place, but maybe that was a part of his plan to keep the legitimacy of binance itself.

[2Pizza410000BTC]

$BNB the ONLY coin where you can invest in the exchange. This will be a top coin for chinese/international traders. Eventually it will only be 100M supply.

Binance is the world's largest cryptocurrency exchange. But currently Binanch has been detained by the SEC on various charges. Binance CEO Changpeng Zhao pleaded guilty to anti-money laundering and other related charges and was fined $4.3 billion. Binance CZ offered to settle all lawsuits for $50 million. Binance CZ admitted all wrongdoing and resigned as CEO. Now that a new CEO has been appointed, it is not yet certain how secure he will be to hold the Binance exchange and coins. But I think BNB is very risky investment right now due to various problems.

[super bako]

Of course, many investors or people who like BNB coins will think that the price has dropped drastically, but many people caught CZ's tweet number 4 which was pinned on their Twitter account. (do not believe in FUD or bad news perhaps). This is not the end of CZ in crypto, perhaps an early update that CZ will make a new development

[onecall123]

$BNB the ONLY coin where you can invest in the exchange. This will be a top coin for chinese/international traders. Eventually it will only be 100M supply.

Binance is the world's largest cryptocurrency exchange. But currently Binanch has been detained by the SEC on various charges. Binance CEO Changpeng Zhao pleaded guilty to anti-money laundering and other related charges and was fined $4.3 billion. Binance CZ offered to settle all lawsuits for $50 million. Binance CZ admitted all wrongdoing and resigned as CEO. Now that a new CEO has been appointed, it is not yet certain how secure he will be to hold the Binance exchange and coins. But I think BNB is very risky investment right now due to various problems.

CZ stepped down so Binance can keep running without facing any problem's. The new CEO and the rest of the team are surely pulling things together. However, this might also be a test to see how many people try to cash in/out. While some make things complicated, smart people make their gains. Buying in fear and selling in greed—could it be that simple? No financial advice though.

[mich]

Well I do not know if he is a flight risk. But he does not think so. His lawyers are wanting the judge to reject the DOJ request to ban him from going to his home in UAE before his sentencing.
There is a reason for them not wanting him to return. I do no know if UAE will extradite him if he does not want to come back when he needs to for the sentencing.
https://www.reuters.com/technology/ex-binance-ceo-zhao-urges-judge-allow-him-leave-us-before-sentencing-2023-11-24/

[Sophokles]

Based on the latest news, I expected a greater drop in the bnb price. Fortunately, everything turned out according to a more positive scenario. In any case, this is a strong reputational blow to the exchange and at the end of the year it will now be interesting to see how the story will develop further.

It was a long time coming. Teng was initially rumored to replace CZ since June when Binance got slapped with that court filing by the SEC  — they thought they could maneuver their way around this one but the US justice system is one of the best in the world at finding and prosecuting criminals.

It's going to be a wild west in the industry in the coming year. CZ and SBF were on top of the food chain during the last bull run so much that they were featured in Forbes.

They knew they had done something wrong so they agreed to pay the penalty money anyway. This is true it was a calculated move to remove CZ from his position to make their way around but the DOJ had another plan which has been reflected in their move. This is actually a mockery of society that criminals can make their way around by giving penalty money to the government. It is true that any major steps towards binance would have affected the market heavily but this will be good for the long term.

[mich]

Well now this can be getting very bad for CZ. Because now the SEC wants CZ to be facing the same fraud charges as SBF did.

They are saying CZ and SBF frauds are just the same. SEC saying CZ has backdoor access to funds and can steal customer funds like SBF did.

https://www.fxstreet.com/cryptocurrencies/news/sec-believes-binance-and-ex-ceo-changpeng-zhao-crimes-were-similar-to-fraud-witnessed-in-ftx-202311280048

[Tipstar]

Well I do not know if he is a flight risk. But he does not think so. His lawyers are wanting the judge to reject the DOJ request to ban him from going to his home in UAE before his sentencing.
There is a reason for them not wanting him to return. I do no know if UAE will extradite him if he does not want to come back when he needs to for the sentencing.
https://www.reuters.com/technology/ex-binance-ceo-zhao-urges-judge-allow-him-leave-us-before-sentencing-2023-11-24/

The sentencing of CZ is to go forward in February 2024 and it's a long time away form home specially on this cold and festive season.
I'm not sure about what the motive was for a backdoor and CZ really is a con man or if US just wants to extort and destroy a Chinese business, which they shamelessly do.
He was a twitter celebrity but I didn't much cared about him anyway. I just hope I get some spikes on price of BNB so I could dump them all before the sentencing. I'm not in much loss but it's alleviating to sell on green.

[GreenStox]

If no one in this thread heard the latest update on Binance, CZ agreed to settle his case with the DOJ, pay $4billion and he pleaded guilty on charges of moneylaundering. He will also go to prison for 2 years. However, it appears that despite of this bad news, BNB was not dumped to go under $200. This might be bullish for BNB, I reckon.

It seems like he wasn't jailed for paying $175 million or I'm wrong here, because I heard that CZ paid $175 million personally.
or can anyone straighten it out for me.

[mich]

Yes he did pay $175 Million for the release bond. And this means he must return to the US 14 days before his sentencing date on February 23.

And if he does not return he can pay another $250k for fines with 10 years in jail. I do think he will return and not get a very bad sentence like SBF but we do not know.

[mich]

Well now there is some very bad news for CZ. After he was to be allowed to travel to UAE before his sentencing next year now federal Judge Richard Jones changed that.

He says CZ is very wealthy and has property over there in UAE. And that if he lets him go he has no ties to the US and may never return for the sentencing. He does not want him to flee so he must now remain in US.

https://decrypt.co/209060/us-judge-bans-changpeng-cz-zhao-from-leaving-the-country 

[batang_bitcoin]

Well now there is some very bad news for CZ. After he was to be allowed to travel to UAE before his sentencing next year now federal Judge Richard Jones changed that.

He says CZ is very wealthy and has property over there in UAE. And that if he lets him go he has no ties to the US and may never return for the sentencing. He does not want him to flee so he must now remain in US.

https://decrypt.co/209060/us-judge-bans-changpeng-cz-zhao-from-leaving-the-country 

This is getting serious. After the bail settlement, everyone have thought that it is all settled and he is free to do his things.
Well, we may see some impact on it on BNB and this goes to the price of it. While we see that many altcoins are moving bullishly, BNB doesn't move at all.
I guess if everyone has to look deeper at this case of CZ, there is a lot to dig in with this issue.