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Binance CEO resigns and crypto exchange pays billion-dollar fine - How does Binance Coin (BNB) react?
According to a report from stock3.com, the drama surrounding the ailing crypto exchange Binance has reached its peak this week: CEO Changpeng Zhao has to temporarily resign and Binance has to pay a hefty fine of USD 4.3 billion. Reactions in the crypto market ranged between shock and relief after Binance agreed to a settlement with US authorities on Tuesday. Accordingly, the crypto exchange admits violations of money laundering and sanctions laws, which were actively circumvented in order to enable dubious payments amounting to millions. A total of $4.3 billion in penalties will be paid, the largest settlements in the agency's history to combat...
Binance CEO resigns and crypto exchange pays billion-dollar fine - How does Binance Coin (BNB) react?
According to a report by stock3.com,
The drama surrounding the ailing crypto exchange Binance has reached its climax this week: CEO Changpeng Zhao has to temporarily resign and Binance has to pay a hefty fine of USD 4.3 billion. Reactions in the crypto market ranged between shock and relief after Binance agreed to a settlement with US authorities on Tuesday. Accordingly, the crypto exchange admits violations of money laundering and sanctions laws, which were actively circumvented in order to enable dubious payments amounting to millions. A total of $4.3 billion in penalties will be paid, the largest settlements in the history of the Financial Crimes Enforcement Agency (FinCEN) and the Foreign Assets Control Authority. The controversial company founder and managing director Changpeng Zhao is leaving his top position and is no longer allowed to hold a management position for three years and has to pay a fine of USD 50 million. Richard Teng becomes the new CEO.
The penalties and leadership changes at Binance have sparked mixed reactions in the crypto market. Despite the size of the fine, there is also relief in the crypto scene as operational business can continue. After all, despite recently declining market shares, Binance is the world's largest crypto exchange by trading volume and provides significant liquidity to spot trading of most cryptocurrencies. The cryptocurrency Binance Coin (BNB) initially experienced a volatile price reaction, but the disruption was limited. After a brief decline in value in yesterday's trading, the price rose slightly again.
Given these events, BNB could continue to remain volatile in the near term. A sustained slide below USD 218 would be critical and would strengthen the bears, while a return above USD 250 could signal new uptrends. Binance must now pay the penalties and comply with the requirements to regain investor trust. The company continues to be a dominant force in the crypto market, and hopes of a purified new beginning could bolster confidence in BNB.
Risk warning: Cryptocurrencies are highly speculative and extremely volatile underlying assets. Trading is therefore subject to increased risks and strict money management is essential.
Read the source article at stock3.com