Binance Encounters Regulatory Hurdles Leading to CEO’s Resignation

Binance Encounters Regulatory Hurdles Leading to CEO's Resignation

In the Spotlight: Binance Exchange Faces Regulatory Challenges

In a series of events that marked the end of 2023, the world’s largest cryptocurrency exchange Binance and its then-CEO CZ faced an accusation by U.S. regulatory authorities. Following these events, Binance CEO CZ admitted to the wrongdoing and subsequently resigned. Additionally, Binance exchange agreed to pay a fine of $4.3 billion.

Judge Approves Settlement Payment

According to a recent announcement by Bloomberg, a U.S. court has approved the $4.3 billion payment agreement between Binance exchange and the SEC. The judge also approved a compliance monitoring requirement for Binance.

The situation remains uncertain for CZ, whose request to leave the U.S. was denied for the third time recently. CZ’s lawyers, who had offered a substantial bail amount in an attempt to lift the travel ban, faced rejection as there was deemed no need for his return.

Bitcoin and BNB Price Situation

Following the news, the price of Bitcoin experienced an immediate surge, finding itself above $51,000 once again. While Bitcoin’s market cap saw a 1% decrease to a level of $1 trillion, its trading volume also dropped by 7% to just over $23 billion.

On the other hand, the price of BNB, the native token of the Binance exchange, did not react as expected. Despite the end of uncertainties and a general uptrend in the markets, BNB only saw a 1% increase in the last hour, trading at $377.5.

At the same time, BNB’s overall volume decreased by 1% to $56 billion, while its 24-hour trading volume also fell by 10% to $1.8 billion.

The crypto community will closely monitor the upcoming developments regarding Binance exchange and BNB token, as well as whether CZ will receive a positive response from the court regarding his expectations.