Changpeng Zhao (CZ) has resigned as Binance CEO.

[TimeTeller]

— 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?

Though the money settlement is huge for ordinary trading platform, I believe, binance can afford to pay that.
Because if they can't, we will be reading a lot of fud regarding bankruptcy of this biggest exchange.
They can cover such losses and their business will go on as usual. That's how solid they are.
If it happened in a small exchange, for sure, they will be MIA already. But CZ is just stepping down.

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[PX-Z]

Tf that $4 billion, is there a public or private breakdown to it why that was the amount charged? If they will pay it for like installment/multiple payment or 1 payment only, if authorities have a terms like this. Obviously, i'm more concerned on the amount because it has domino effect from the institutional/business' investments towards binance to whales, to normal traders then next the crypto price e.g. BNB even bitcoin it already feel the effect.

[darkangel11]

Tf that $4 billion, is there a public or private breakdown to it why that was the amount charged? If they will pay it for like installment/multiple payment or 1 payment only, if authorities have a terms like this. Obviously, i'm more concerned on the amount because it has domino effect from the institutional/business' investments towards binance to whales, to normal traders then next the crypto price e.g. BNB even bitcoin it already feel the effect.

If you say the current price action is due to Binance, then what will you blame the same price action that happened on the 14th and again on the 16th?
Are we going to blame all the dumps on exchange CEO's stepping down? 5% ups and downs happen every month and more than once. If we were seeing a 20% decline after CZ's announcement I'd be really surprised, but the price bouncing between 35k and 38k is just another day for traders and nothing to discuss for holders.

As for Binance, they were never going to allow a Chinese to run the biggest exchange in the US. It was going to end this way sooner or later. Exchanges the US government controls are soon going to be the only way to trade bitcoin in the country and you'll also have a number of custodial solutions like banks and ETFs. That's the end game for them. If they can't stop you from owning it, they'll at least make sure it's them you come for permits to trade it and they can always say no.

[BitMaxz]

That's pretty bad all news right now that I heard is bad news. it seems the SEC is trying to control or manipulate the price and they think that their actions against exchanges can gonna affect the Bitcoin price much.

It seems the news related to Binance and CZ has a large impact on the Crypto price I saw almost red in Coingecko and coinmarletcap.

[vv181]

Any thoughts on this? Looks like some evidence against CZ came from Signal messenger chats.
~
So Signal is the new WhatsApp now? Quite worrying.

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

That is a pretty heavy assumption and accusation! Just because they found a piece of evidence that "came from signal messages" does not necessarily mean that the application itself is broken. Without a complete story, we will not know for sure, they could have access to their phone, not strictly spying on the messaging service itself or any other reason. Right now, it's a matter of likeliness, I'm sure Signal E2E encryption is not the cause of the matter.

If an application as secure as Signal is broken or they break its encryption method, I'm quite sure they won't publicly tell how they found the evidence that way.

~

Though, it is a good thing. It is kind of a cleansing that makes people should not rely upon or trust to such figures and heavily centralized exchanges.

[Darker45]

Although it's indeed a concern what becomes of Binance after this, I'm more interested as to what becomes of CZ after this. There's this 18-month jail time that the DoJ is pursuing on top of the $50 million personal fine, which I think is rather too much. Will CZ really end up in jail?

Binance will probably be having a harder time now, but at least it continues to operate under another leadership. So it continues to earn. That $4.3 billion is not to be paid one-time right away. $1.81 billion of it will be paid in more than a year. The rest will be from forfeiture. So, Binance will probably do fine provided its users won't scamper away in panic looking for another exchange.

[LogitechMouse]

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

His contributions in the crypto space is just too many that enthusiasts and those supporters of Binance are thanking him.
TBH, centralized exchanges are taking a big hit for the last months already. Poloniex getting hacked, Coinex getting hacked, FTX scamming their customers, Gemini is also having a problem, Bittrex closing down etc. I wonder what will happen to other popular exchanges like Kucoin and others.

I just woke up a few hours ago, and this is what I saw in my phone notifications. TBH, I'm not surprised because after the FTX fiasco, I already expected that there's a chance that something bad happens with Binance as well (of course no one will believe me ). I guess it's already a good thing that they aren't freezing any withdrawals (for now), but this news affected the market negatively. CZ said in his tweet that he will focus more on start-ups that's related to Web3, AI and others, so I guess he's fine.

The question is what will happen to Binance now that they will have a new CEO. Will he follows what CZ has done or he will do differently. One thing more is that, how this will affect the reputation of the whole exchange, or will it have an effect. Currently BNB is down 11% already while Bitcoin is down 3%. It's too early, but I guess this type of news isn't like other negative news in the past that will affect the market negatively up to the point that all of the top coins will go down in price by double-digit percentage.

[pinggoki]

What was exactly did they violate and what's the full story on the violation? I want to read more about this, pretty crazy to think that even Binance isn't as indomitable as it is when the US government is on its toes. $4 billion is a pretty big number but I am sure that Binance would probably take that loss headstrong, they're the biggest global market after all. I just that this is definitely the end of investigation and I hope that Binance will do something about this to prevent it from happening again. CZ now got all the time in the world to enjoy retirement, I just hope he doesn't end up like other big names who talk loudly about stuff after stepping down from a higher position.

[bbc.reporter]

The big question now Is, WHAT becomes of Binance?

Binance will continue and there will be a new CEO for binance.com. I wish it will be the cofounder He Yi hehehehe.



We cannot be certain what would happen to binance.us, however.

Also, this is the last clown standing and the saviour of the cryptospace hehehehee.

[rat03gopoh]

I just hope he doesn't end up like other big names who talk loudly about stuff after stepping down from a higher position.

Let's just say it was the cost of neutralizing his name and (perhaps) a last ditch attempt to cut off further "terror" by the authorities. However, this guy will always be known as extraordinary in the history of the crypto industry as he managed to keep his company in the top position for many years before being abandoned.

Binance will continue and there will be a new CEO for binance.com. I wish it will be the cofounder He Yi hehehehe.

Unfortunately you have to be disappointed, CZ in his farewell tweet with Binance named Richard Teng as his replacement.

[hugeblack]

Leaving the US market, as bad as it is for Binance, but sooner or later they would have done it, and then the regulatory pressures on them would be much less than now, and perhaps all the steps that Binance took to prevent this failed, and they ended up paying a fine and leaving the market completely. Let’s see how that will affect the platform, even though I I rule out anything bad happening at the moment.

[CRAIC]

Richard Teng - is a new CEO of Binance

[Bitcoin SV]

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

Finally justice has been served. F*cking scammer CZ is admitted that he is a scammer

We remember how this scammer CZ with a smile on his face delisted our coin and called us shit


We hope we can agree on the listing again with the new CEO of Binance. We hope he will be more political correct with his words on Twitter unlike scammer CZ

[JoyMarsha]

I think this large amount($4.3 billion) being imposed on Binance would now go into history as the seventh-highest financial fine ever recorded. You can check the top high financial fines charged here and where the Binance CEO now falls in.

With this latest development of Binance's CEO resigning because of pleading guilty to money laundering, I think the crypto space is getting sanitized from one man who is heading it all as the most influential being in the crypto space. As it always is, no single billionaire will remain on top for long. That's why you will find them getting into problems because of people's money they have siphoned from their exchange.

[o48o]

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

It seems i can't withdraw fiat money from there right now, so that's a huge red flag.

I am pretty sure that if Binance has enough money to opertate after this, they just tighten their AML policy. That will make some users mad, as more accounts will be frozen then ever before. That alone will cause fud and people will be angry, but not as angry as towards SBF as not everyone will lose all their money.

But he is most likely going to jail as an example if it's believable to the court/judge that he knowingly broke AML laws, but it's harder to point out it was his intention.
And penalty of that size would hint jail time as well.

I know i've been wrong before, but like i pointed out in other threat that i don't believe this is in any way bullish news. If binance needs to liquidate their assets to pay the bills, it takes down both btc and alts. If that seems unlikely, do a graphical comparison of 4.3 million dollars and 4.3 billions to get visualization of the difference. Billion just too much for our brains to grasp.

Finally justice has been served. F*cking scammer CZ is admitted that he is a scammer
-cut-
We remember how this scammer CZ with a smile on his face delisted our coin and called us shit
-cut-

Well to be honest Bitcoin SV totally deserved it. Graig is not Satoshi. Attacking to pseudonyms in the net didn't help.

[mindrust]

The big question now Is, WHAT becomes of Binance?

Nothing?

CZ was was just a face for the company. He probably did more PR than the actual PR department of the company. It is a very hard job and maybe he wants to retire and enjoy his wealth. The hardest part of making money is the ability to say "enough". If you can't say it, you will forever participate in the rat race no matter how rich you become. It is a never ending road unless you say the magic word: "enough".

The new CEO will hopefully be as good as CZ and binance will continue to be the #1 exchange in the world.

[PrivacyG]

As part of the settlement, binance ceo resigned from being the chairman of the exchange.
()
The big question now Is, WHAT becomes of Binance?

This is creepy.  I do not want to know what becomes of Binance now.  I do not know who is the next CEO of the Exchange but if they are some body who is still against United States regulation then I doubt they will be courageous enough to continue doing against the will of the States.

If they are some body who is pro United States regulation then Binance is done for I believe.  I would immediately withdraw ANY funds from their Exchange.

[Rikafip]

er
We remember how this scammer CZ with a smile on his face delisted our coin and called us shit

That's actually one of the more positive things that he did.  

We hope we can agree on the listing again with the new CEO of Binance. We hope he will be more political correct with his words on Twitter unlike scammer CZ

Lol, you really think that he won't have a final say on everything Binance related just because he is not CEO anymore? Keep in mind that he will remaain the owner of Binance so take a guess whether he will accept BSV back.

[Lucius]

How do the followers of the great leader feel now that the authorities expelled him from the US and when he paid for his freedom as much as $4.3 billion? Until yesterday he was someone they worshiped, today he is just an ordinary criminal who is free because he had enough money to pay for his freedom.

Do you think it's over now? This is just the beginning, because what that company did in the US, it did in the rest of the world. CZ stepped down from the position of CEO only to avoid what will probably happen in other countries, and now the only question is which is the next country from which he will have to leave.

[tabas]

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.

Though the money settlement is huge for ordinary trading platform, I believe, binance can afford to pay that.
Because if they can't, we will be reading a lot of fud regarding bankruptcy of this biggest exchange.
They can cover such losses and their business will go on as usual. That's how solid they are.

Yes, they can afford to pay that and they've got more money for sure because if they're able to pay and settle with that fine. It only means that they have a bigger pocket and that won't make them bankrupt because of it. And on this expenses, this isn't a loss for them but they can treat it as an investment and settlement because their operations can now go without interruption and you know that it's just like a public under the table matter.

If it happened in a small exchange, for sure, they will be MIA already. But CZ is just stepping down.

If it happens with a smaller exchange, they won't pay that fine and let alone the US government and SEC follow them wherever they are.