The crypto world is shaken by the news of the resignation of Changpeng Zhao, known as CZ, as CEO of Binance, the exchange with the largest trading volume on the planet. This drastic decision follows a multi-million dollar settlement between Binance, the US Department of Justice (DOJ), and other state regulatory entities.

The Impact of the Multi-Million Dollar Deal on the Crypto World

According to recent reports, CZ pleaded guilty to charges brought by the DOJ related to failure to comply with anti-money laundering measures. This agreement involves the payment of more than $4.000 billion in fines by Binance, an unprecedented figure in the world of cryptocurrencies.

CZ's Confession: Reasons behind Binance CEO's Resignation

In addition to the guilty plea, CZ faces accusations of operating an unregistered exchange and misleading investors by using a Swiss-based fund to inflate trading volume on Binance. Although the settlement indicates that Binance did not use user funds or participate in market manipulation, the news has left the crypto community perplexed.

Understanding the Allegations: Money Laundering, Unregistered Transactions and More

The allegations detail failure to comply with anti-money laundering measures and the operation of an unregistered exchange. CZ will face a federal court in Seattle to present his version of an investigation that began in 2018.

Binance and the CFTC: An Explosive Non-Registration Derivatives and Futures Combo

The United States Commodity Futures Trading Commission (CFTC) also joined the scandal by filing charges against Binance for offering derivatives and futures without proper registration. This additional blow to Binance's credibility has raised questions about the future of the exchange.

The Future of Binance After the Agreement: Continued Operation and Possible Changes

Despite the million-dollar deal, Binance is expected to continue operating, but significant adjustments are likely to be made to its structure and internal policies. The crypto community is waiting for the changes that may arise in one of the most influential exchanges on the market.

This scandal has not gone unnoticed, and the crypto community is eager for future developments. Follow our page to get the latest updates.

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