Binance Settlements Could End Death-Spiral Fears – And Might Be Good News
The crypto exchange Binance’s expensive deal with U.S. prosecutors this week bears harsh consequences, but could mean a positive outlook for the company in the long term.
changpeng Zhao
The Protocol: CZ’s out, Altman’s in, and Kraken’s Sued
In this week’s edition of The Protocol newsletter, we share a few trends stand out to close 2023: the proliferation of Ethereum layer-2 networks, the ascendancy of zero-knowledge cryptography and the appearance of tokens, smart contracts and now file hosting on the Bitcoin blockchain.
Binance Processes Nearly $1B in Net Outflows as Changpeng ‘CZ’ Zhao Resigns
Data shows the exchange sits on over $67 billion worth of tokens, easing concerns of a possible bank run.
Bitcoin and BNB Recover as Binance Plea Seen Boosting Spot ETF Odds
Some observers believe Binance’s downfall has boosted the spot-ETF approval odds.
Is Binance Big Enough to Survive a $4.3B Fine and Founder CZ’s Ousting?
(Photos from Smorshedi/Wikimedia Commons and CoinDesk/Flickr, modified by CoinDesk)
Binance Founder Changpeng ‘CZ’ Zhao Released on $175M Bond, Will Be Sentenced in February
Binance founder and former CEO Changpeng “CZ” Zhao has been released from custody on a $175 million personal recognizance bond.
Binance to Make ‘Complete Exit’ From U.S., Pay Billions to FinCEN, OFAC on Top of DOJ Settlement
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.
Binance Founder CZ’s Wealth Falls About $12B as Trading Revenue Slumps: Bloomberg
Changpeng Zhao’s wealth dropped to $17.2 billion from a previous estimate of $29.1 billion.
Binance Needs to Get Off Twitter
Changpeng Zhao ,CEO of Binance, at Consensus Singapore 2018 (CoinDesk)
Binance Slashes Worker Benefits as Profit Falls: WSJ
Binance has stopped offering certain benefits to its employees on June 19 as the company’s profits continue to decline, according to former employees and internal company messages viewed by the Wall Street Journal.