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Binance, the largest cryptocurrency exchange worldwide, was fined $4.3 billion by American authorities. CZ admitted to allegations related to money laundering and other authority violations, announcing that he resigned from his role on the board.
Changpeng Zhao (CZ), the founder and CEO of Binance, will continue to own the majority of the company’s shares but will renounce his executive role.
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It was reported that the US Department of Justice is preparing to make an agreement with Binance to fight against money laundering and other allegations. The details of this agreement will be announced at a press conference scheduled for today.
These developments are seen as a result of Binance’s ongoing disputes with US regulators. The exchange has faced a series of allegations, including money laundering and consumer protection violations.
In summary, the resignation of Binance CEO Changpeng Zhao and the billion dollar fine levied on Binance are important milestones for the cryptocurrency industry. These changes could affect the interactions between cryptocurrency exchanges and regulators, industry standards, and how cryptocurrencies will be regulated in the future. The cryptocurrency community eagerly anticipates the details of the US Department of Justice’s Binance settlement at today’s press conference.
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