“Binance Undergoes Changes Following Changpeng Zhao’s Departure”
The departure of Changpeng Zhao has led to several changes within Binance, including the delisting of 10 major trading pairs. Binance, the world’s largest cryptocurrency exchange, has removed 10 major trading pairs, including Aptos (APT) and Axie Infinity (AXS). The affected pairs are specifically linked to BUSD, Binance’s stablecoin. This decision comes amidst a series of delistings throughout 2023, a trend many attribute to the mounting legal challenges faced by Binance.
This move is part of a comprehensive deal struck with the US Department of Justice to resolve criminal charges against Binance. Zhao, the founder and CEO of Binance, will step down from his position. However, the recent announcement is particularly notable as it coincides with the sudden revelation that Zhao has pleaded guilty to charges related to operating an unlicensed money transfer business, conspiracy, and violation of restrictions, culminating in a substantial fine of $4.3 billion for the exchange. While Zhao will no longer be involved in managing Binance, he retains his controlling stake in the company. Additionally, he personally faces a fine of $50 million.
To achieve a complete “exit” from the United States, a regulatory body will be appointed to oversee compliance for five years. During this period, the US Treasury Department will have unrestricted access to Binance’s data and systems. Zhao’s sentencing is scheduled for February 23, although delays are anticipated. If convicted, he could face a prison sentence of up to 18 months. Reflecting on the developments, Zhao expressed his desire to “take responsibility and close this chapter in my life.”
Disclaimer: The information provided is not financial advice. Chinwa.tech does not take any responsibility for investments made based on the information provided in this article. We recommend consulting a qualified specialist or financial advisor before making any investment decisions.
