Speculations that Changpeng Zhao (CZ), the founder of Binance, the world’s leading cryptocurrency exchange, may resign as CEO hit the crypto agenda like a bombshell. According to Forbes, CZ is considering leaving his position as part of ongoing negotiations between Binance and the US Department of Justice.
At the center of the developments are the allegations that Binance is negotiating a $4 billion deal with the Ministry of Justice. While the news created great turmoil in the cryptocurrency world, it was stated that the CFTC, the US regulatory authority, was also involved in the agreement. Although the details are still unclear, the agreement is thought to be related to cryptocurrency regulations and security.
However, the course of events became more complicated when the US Department of Justice announced that it would announce enforcement actions regarding cryptocurrencies at 23:00 ET. This announcement led to speculation that CZ’s resignation may be part of the company’s negotiations with the Department of Justice.
It is estimated that Zhao’s resignation may be one of the terms of Binance’s reconciliation with the US government. The future of Binance, which has a great impact in the digital money world, has become uncertain with these developments. We will continue to follow developments closely. You can follow our Twitter/X account to quickly access up-to-date information.
#Binance CEO Changpeng Zhao admitted to the accusations. CZ will also resign from his position as CEO!
— KoinFinans (@KoinFinans) November 21, 2023
NEWS CONTINUES BELOW
Update: According to WSJ, Binance founder Changpeng Zhao (CZ) has agreed to resign and surprisingly confirmed to plead guilty. As a result of CZ’s admission, Binance agreed to pay a total penalty of $4.3 billion.
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