CZ is no longer the CEO of Binance. Changpeng Zhao (CZ's full name), yes discharged from the guide of the most famous cryptocurrency platform following a agreement with the Department of Justice.
4,3 billion fine for Binance
According to the Wall Street Journal, Zhao has admitted guilt for violations of American anti-money laundering laws, agreeing to pay a fine of 50 million of dollars. Binance, however, will pay one fine of 4,3 billion of dollars.
With this agreement the company will be able to continue operating in the American market. CZ will retain the majority stake in the company but will no longer be able to hold any managerial positions.
The SEC investigation remains active
According to court documents, CZ admitted to having violated and induced a financial institution a violate the Bank Secrecy Act.
CZ's plea agreement ends the US Department of Justice investigation but does not yet resolve the SEC (Securities Commission) investigation. An open situation which therefore continues to weigh on the future prospects of the company.
End of an era for Binance
CZ's resignation from the leadership of Binance represents the end of an era for the cryptocurrency exchange founded in 2017. The company, led by the charismatic Zhao, quickly rose to the top of the industry, becoming the largest platform in the world by trading volume.
In the cryptocurrency universe, the fall of Changpeng Zhao (CZ) and the impact on Binance represents another blow to the sector, adding to the collapse of FTX and conviction of Sam Bankman-Fried. Guilty of seven charges including fraud, conspiracy to commit fraud and conspiracy to launder money, Sam Bankman-Fried faces a sentence of up to 100 years in prison.
A truly difficult period for the cryptocurrency sector despite the rtakeover of Bitcoin which started to rise again, reaching 35 thousand dollars after a long period of stagnation.
