Changpeng Zhao (CZ) has resigned as Binance CEO.

[Fivestar4everMVP]

Binance CEO, changpeng Zhao, popularly known as CZ, have stepped down as Binance CEO, after pleading guilty to violating criminal anti-money laundering requirements.

Binance was asks to pay the sum of $4 billion dollars to the US department of Justice for them to end criminal investigations against the world largest exchange, binance.

As part of the settlement, binance ceo resigned from being the chairman of the exchange.

More details on this can be found here https://bitcoinist.com/binance-ceo-to-step-down-4-billion-settlement/

The big question now Is, WHAT becomes of Binance?

Binance have also agreed to pay the sum of $4.3 billion dollars to the US government .

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[Gladitorcomeback]

Yes News is coming from all over the crypto news pages. BNB coin was looking good pumped from 250 to 272$ but suddenly down to 250 with same speed because of this news. More blood coming because this news is quite new and many investors are still unaware of it. BTC also dumped now. Is this will be the end of Binance or everything will become normal. This will be big question now how Binance team manage current situation.

I read this one from watcher guru

JUST IN: #Binance    CEO CZ pleads guilty to violating criminal anti-money laundering requirements.

Source

[Rikafip]

Details coming shortly

You could have waited then for some details instead basically creating an empty topic with the title only.

Anyway, it's a part of the deal as according to it he won't be able to have an executive role in Binance US but he will keep the ownership of the company so nothing much changes really. He will have to pay 4.3 billion USD thoug.
I guess he realized that there's no point fighting them and instead it's better to plead guilty, pay the fine and continue with the business.

[Fivestar4everMVP]

Details coming shortly

You could have waited then for some details instead basically creating an empty topic with the title only.

Yeah, forgive me, I didn't want to do copy paste, and I am not a keyword worrier when it comes to typing, and I didn't want a situation where by, before I finish reading and typing, another user have already posted the same thing, this is why I had to first of all post the title with empty body, but all is good now I guess.

Anyway, it's a part of the deal as according to it he won't be able to have an executive role in Binance US but he will keep the ownership of the company so nothing much changes really. He will have to pay 4.3 billion USD thoug.
I guess he realized that there's no point fighting them and instead it's better to plead guilty, pay the fine and continue with the business.

I personally thought he was winning the fight, and all of a sudden this?
I really hope that investors will understand this just as you have said it, else, many might panic sell and drag the market down.

[Oshosondy]

Anyway, it's a part of the deal as according to it he won't be able to have an executive role in Binance US but he will keep the ownership of the company so nothing much changes really. He will have to pay 4.3 billion USD thoug.
I guess he realized that there's no point fighting them and instead it's better to plead guilty, pay the fine and continue with the business.

I do not think Binance just admitted but now know that truly he violated anti-money laundering requirements.

Let us expect nothing to happen to the exchange but this may lead to loophole in the exchange. If Binance become breached or hacked as the next exchange, it will not be a surprise. But let us see what will happen.

[Marvelman]

Let us expect nothing to happen to the exchange but this may lead to loophole in the exchange. If Binance become breached or hacked as the next exchange, it will not be a surprise. But let us see what will happen.

I'm a bit confused here.  How exactly would Binance getting hacked have anything to do with CZ stepping down as CEO? Those seem like completely separate issues to me. 

Maybe there's some logic I'm missing connecting those dots and  i know exchanges can definitely get targeted by hackers, but unless CZ leaving made their systems more vulnerable for some reason, I dont really see the correlation. 

[coolcoinz]

Yes News is coming from all over the crypto news pages. BNB coin was looking good pumped from 250 to 272$ but suddenly down to 250 with same speed because of this news. More blood coming because this news is quite new and many investors are still unaware of it. BTC also dumped now. Is this will be the end of Binance or everything will become normal. This will be big question now how Binance team manage current situation.

I read this one from watcher guru

JUST IN: #Binance    CEO CZ pleads guilty to violating criminal anti-money laundering requirements.

Source

Bitcoin is trading in the same channel it's been for the last 3 weeks, it hasn't "dumped" as you call it.

2 days ago it was at 46.4 and now it's 46.9, somebody needs to have their eyes checked

IMO CZ was shady, didn't like what he was doing with all the listing and delisting of altcoins. He listed what he wanted to go up in price and delisted what he wanted to put a pressure on. I bet they were trading the listing news. Also, the whole thing with "safu" and the fact he was lending money to that scammer SBF...

[target]

So prices after all will plunge below $35k or maybe $32k at the bottom. It sure is good to try to be the first to sell before things get worse.

It's a wonder how they are going after CZ or Binance since the DOJ has no authority over CZ or Binance itself. $4B Settlement sounds like they are just trying to ask for money when it's a criminal case.

[KiaKia]

I wasn't expecting this, I mean, why would CZ pleaded guilty himself? Guilty to what exactly? If this is true then sorry to say, CZ isn't clean after all, if he is clean there is no reason to pleaded guilty even if the pressure is too, maybe this is the black swan event people are hoping for but binance is one of the biggest companies in the world by now and many don't know this.

I expect BNB to dump but things will be fine later on, I just hope that the next leader of the exchange will be as good as CZ because it's all about a good leader, that's what keeps the exchange together for few years now, this man CZ has also been screaming for DeFi for some time now, he believe that DeX is better for some reasons.

I believe that the $4B is just a crazy amount for fine, my question is what the US government plan to use this big amount of money for, sigh!.

[Gladitorcomeback]

Bitcoin is trading in the same channel it's been for the last 3 weeks, it hasn't "dumped" as you call it.

2 days ago it was at 46.4 and now it's 46.9, somebody needs to have their eyes checked

I  suggest you visiting a doctor for your eye check up ... wait wait don't forget your finger too. dear coolcoinz You can see the red candle suddenly created after this news. I am talking about small dump. Bitcoin was trading above 37500 and then after 5 minute btc dumped 1% and unfortunately my trading coins down also. I was active in trading, This why I observed market movement more closely.

2 days ago Bitcoin was 36.4 , kindly correct it 

[Rikafip]

I really hope that investors will understand this just as you have said it, else, many might panic sell and drag the market down.

Binance is not closing in US (otherwise they woulnd't pay the fine) they will continue to operate, just not with CZ at the helm (at least not on paper) so I see no reason for any major market dump.

So prices after all will plunge below $35k or maybe $32k at the bottom. It sure is good to try to be the first to sell before things get worse.

So you must be shorting like there's no tomorrow? Or just empty talk and speculation?

It's a wonder how they are going after CZ or Binance since the DOJ has no authority over CZ or Binance itself.

Since we are talking about Binance US, of course DOJ has authority over them, and CZ as their CEO/owner.

I believe that the $4B is just a crazy amount for fine, my question is what the US government plan to use this big amount of money for, sigh!

The only money that goverment has is the one that they take from people, one way or the other. Regardig the fine, many companies in US paid more so this is nothing that we haven't seen before.

[Die_empty]

I wasn't expecting this, I mean, why would CZ pleaded guilty himself? Guilty to what exactly? If this is true then sorry to say, CZ isn't clean after all, if he is clean there is no reason to pleaded guilty even if the pressure is too, maybe this is the black swan event people are hoping for but binance is one of the biggest companies in the world by now and many don't know this.

Many people see Changpeng Zhao a superhero of the crypto space. They think that because he manages the biggest exchange in the world he is clean. I have heard people say that Binance is too big to fall. However, they fail to understand that all centralized platforms are the same. There is no difference between FTX and Binance. If a proper investigation or audit is carried out everyone will see the dishonest practices that go on behind the scenes of these firms.

I suspected that something was wrong with Binance when some top officials began to resign. In less than ten months about eight top officials have resigned and most of them cited CZ's handling of the DOJ's Investigation as the reason for their resignation. I just hope that his stepping down will save the company from further investigation. This event is also a reminder that "not your keys, not your coin".

[HmmMAA]

More drama incoming ? DOJ live in few minutes


Start Time: 3:00 p.m. ET
Justice Department and Partners to Announce Significant Cryptocurrency Enforcement Actions

https://www.justice.gov/live

Edit : 30 minutes delay , 3:30 p.m. ET

[Rikafip]

However, they fail to understand that all centralized platforms are the same.

That's simply not true as there is a clear difference between exchanges like Coinbase that are on the market for more than 10 years without major issues and all sorts of scammy exchanges that usually last for one bitcoin halvening cycle.

That of course doesn't mean that people should store their crypto on exchanges, but chances of loosing your money are not the same on all exchanges.


CZ just released statement via his twitter profile and named the new Binance CEO Richard Teng.

Today, I stepped down as CEO of Binance. Admittedly, it was not easy to let go emotionally. But I know it is the right thing to do. I made mistakes, and I must take responsibility. This is best for our community, for Binance, and for myself.

Binance is no longer a baby. It is time for me to let it walk and run. I know Binance will continue to grow and excel with the deep bench it has.

I’m pleased to announce that @_RichardTeng
, our now former Global Head of Regional Markets, has been named the new CEO of Binance today.

Richard is a highly qualified leader and, with over three decades of financial services and regulatory experience, he will navigate the company through its next period of growth. He will ensure Binance delivers on our next phase of security, transparency, compliance, and growth.

Prior to joining Binance, Richard was CEO of the Financial Services Regulatory Authority at Abu Dhabi Global Market (ADGM); Chief Regulatory Officer of the Singapore Exchange (SGX); and Director of Corporate Finance in the Monetary Authority of Singapore.

With Richard and the entire team, I’m confident that the best days for @Binance
 and the crypto industry lay ahead.

As a shareholder and former CEO with historical knowledge of our company, I will remain available to the team to consult as needed, consistent with the framework set out in our U.S. agency resolutions.

What’s next for me?

I will take a break first. I have not had a single day of real (phone off) break for the last 6 and half years.

After that, my current thinking is I will probably do some passive investing, being a minority token/shareholder in startups in areas of blockchain/Web3/DeFi, AI and biotech. I am happy that I will finally have more time to spend looking at DeFi.

I can’t see myself being a CEO driving a startup again. I am content being an one-shot (lucky) entrepreneur. Should there be listeners, I may be open to being a coach/mentor to a small number of upcoming entrepreneurs, privately. If for nothing else, I can at least tell them what not to do.

On that note, I am proud to point out that in our resolutions with the U.S. agencies they:

- do not allege that Binance misappropriated any user funds, and
- do not allege that Binance engaged in any market manipulation.

Funds are SAFU!

edit: Binance leaves US market! I thought that the whole point of this deal was to continue business in US, not to leave it completely.
 

Crypto exchange Binance will leave the U.S., pay billions in fines and appoint a monitor for five years to settle charges with the Financial Crimes Enforcement Network (FinCEN) and Office of Foreign Asset Control (OFAC), the U.S. Treasury Department's money laundering and sanctions watchdogs, according to press releases shared Tuesday.

The exchange will pay $3.4 billion to FinCEN and $968 million to OFAC as part of these settlements, which saw both agencies accuse Binance of violating the Bank Secrecy Act and sanctions programs. Binance had already said it will pay $4.3 billion in fines and forfeitures to the U.S. Department of Justice to settle charges it violated sanctions law and failed to maintain a proper know-your-customer program. Changpeng "CZ" Zhao, the exchange's founder and CEO, is resigning from his role as part of that settlement.

In addition, Binance will make a "complete exit" from the U.S. as part of its settlement with FinCENand appoint a monitor for five years who will oversee the exchange's sanctions compliance program. The U.S. Treasury Department will have access to Binance's record and systems during that time.

[Nwada001]

I wasn't expecting this, I mean, why would CZ pleaded guilty himself? Guilty to what exactly? If this is true then sorry to say, CZ isn't clean after all, if he is clean there is no reason to pleaded guilty even if the pressure is too, maybe this is the black swan event people are hoping for but binance is one of the biggest companies in the world by now and many don't know this.

He pleaded guilty as a result of knowing that that's the only option that he had left, since she has been making some sort of noise, and pleading no guilty because he believes the US doesn't have any strong evidence against him. When he realises there is no other way of escaping and keeping the business running, he needs to play smart and accept the only option left.
 
off because no one said CZ was a saint from the beginning. We all know those who are in charge of crypto exchange, especially those big names, are not clean, but only those who have been caught are the ones who we call names, and they really need to get their hands dirty in some sort of market manipulation in order for them to double their profit. How else do you think they are standing out among the highest holders and their crypto net worth, which is always undisclosed?
 
The crypto market is already dropping a little, and I believe this news has some hands in it, as there are holders who react to every bit of news like this as they panic sell with the fear of not knowing what will come next in the crypto market.

[bullrun2024bro]

Any thoughts on this? Looks like some evidence against CZ came from Signal messenger chats.



Source: https://twitter.com/JoeCarlasare/status/1727030528833118376

So Signal is the new WhatsApp now? Quite worrying.

[noorman0]

-snip-
So Signal is the new WhatsApp now? Quite worrying.

And is that why Binance and the team no longer trust 3rd party chat apps?
Binance Messenger is coming

[Antotena]

Binance CEO, changpeng Zhao, popularly known as CZ, have stepped down as Binance CEO, after pleading guilty to violating criminal anti-money laundering requirements.

Binance was asks to pay the sum of $4 billion dollars to the US department of Justice for them to end criminal investigations against the world largest exchange, binance.

I just seconded a guy who is asking if he should use an exchange for his service to receive payment for Bitcoin since bitcoin mempool volume has multiply in recent days but seeing this is one of the reasons why no should trust any of these exchanges.

I'm still baffled that people are still defending CZ on with all these evidence, spits on them. I remember how this guy was claiming scent and was attacking FTX and the team on how they failed customers but him his guilty of this as well, no wonder bitcoin says don't trust, always verify and now CZ and Binance has been verified of count charges with $4b.

Now my question is, is the exchange that liquid to get this sum of money without going bankrupted? This was how FTX was dieing slowly until everything was no longer sticking together, I hope we don't repeat history else we are all screw this time again when we thought bull run is around the corner.

[nelson4lov]

CZ resignation was coming for a lomg time now. It should have been in June or early July wjen he was initially rumored to be stepping down. It was a nice ride while it last. So in the past one week:

— Poloniex was charged by SEC
— Bittrex is shutting down it's doors.
— CZ stepping down

Binance's success over the years can be attributed to CZ, with him gone there would be a space for a new frontier exchange to take over
 Let's see how it goes.

PS: anybody know why everyone is thanking CZ for resigning? That he saved our bags

[tabas]

— Poloniex was charged by SEC
— Bittrex is shutting down it's doors.
— CZ stepping down

I was thinking about these things and these are already a lot of happenings for this quarter. And the condition that's probably part of the deal given to CZ just to save Binance from the stink that it's given by the US government shall come to an end with this decision. Aside from the resignation, the settlement that they have to pay. Well, it's a win for the US government for having that much fine and Binance, CZ and everyone who's part of it just agreed to pay for it so they can continue going on that market that they have established their presence already. I think we might see the good days back for Binance on the US markets and not because CZ steps out.

PS: anybody know why everyone is thanking CZ for resigning? That he saved our bags

Maybe for his contributions to Binance and BNB? and to the whole crypto community?