Binance users pull over $1 billion from the exchange after CEO leaves, pleads guilty
Publishing timestamp: 2023-11-22 12:26:36
Summary
Binance, the world's largest cryptocurrency exchange, has seen outflows of over $1 billion in the past 24 hours after its CEO and founder, Changpeng Zhao, stepped down and pleaded guilty to charges of violating the Bank Secrecy Act and U.S. economic sanctions. Binance has agreed to pay $4.3 billion in fines to the U.S. government. Despite the penalties, experts believe Binance will likely survive the situation due to its dominant position in the crypto ecosystem and the amount of assets it holds. Other exchanges like Coinbase and Kraken may try to take advantage of the situation. Binance's reserves and internal governance will come under scrutiny in the future.
Sentiment: NEGATIVE
Tickers: COIN,
Keywords: markets, cryptocurrency, united states, coinbase global inc, business news, securities fraud, internet, technology, breaking news: technology, fintech, breaking news: markets, merrick garland,