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TL;DR
Regulatory our bodies just like the U.S. Division of Justice, have apparently been conducting an investigation into Binance and its CEO, Changpeng Zhao (aka CZ), for yeeears.
We came upon, only a few hours in the past that CZ plans to plead responsible to violating felony U.S. anti-money-laundering necessities, when he seems in court docket subsequent Tuesday.
…however the markets appear to be dealing with effectively (for now).
Full Story
Wow. Okay.
That headline ain’t nice!
But in some way, as of this writing, the market hasn’t actually reacted. Which begs the query…
Did we simply dodge a Black Swan occasion?
For these of you taking part in at residence, here is what you’ve got missed:
Over the previous yr or so, there’s been a knot of worry sitting within the crypto area’s proverbial abdomen – a worry that one thing dangerous would possibly occur to Binance (the world’s largest crypto trade).
One thing very ‘FTX-y’…
However as increasingly more time handed with none incident, the worry of inner threats to Binance’s enterprise slowly started to subside…at which level, everybody turned their worries to potential exterior threats.
(Particularly from regulatory our bodies).
Regulatory our bodies just like the U.S. Division of Justice, which had apparently been conducting an investigation into Binance and its CEO, Changpeng Zhao (aka CZ), for yeeears.
This is what we came upon, only a few hours in the past:
CZ plans to plead responsible to violating felony U.S. anti-money-laundering necessities, when he seems in court docket subsequent Tuesday.
He has apparently agreed to step down as CEO of Binance
Binance pays $4.3 billion in fines
This could probably permit the trade to maintain working within the US
As we mentioned on the prime: this ain’t nice information!
…however the markets appear to be dealing with effectively (for now).
We’re unsure why, but when we needed to make guess – it’d go like this:
The headlines are studying ‘settlement,’ not ‘loss at trial.’
And the markets are fairly effectively attuned to crypto firms settling with US regulatory our bodies at this level.
Let’s hope issues keep that manner!
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