Provided by TradeSanta
November ends up being a turbulent month for the crypto market. In November 2022, FTX, when the second-largest crypto exchange, collapsed significantly, extending the bearish pressure amidst a multi-month “crypto winter season.”
This year, it’s the turn of Binance, the world’s biggest crypto exchange, to deal with some severe difficulties. Binance will continue to run, however this comes at a cost: CEO Changpeng “CZ” Zhao needed to step down.
What occurred with Binance?
At the end of November, CZ accepted plead guilty to charges connected to cash laundering. He will pay a $50 million fine, while Binance will pay $4.3 billion to settle the charges and continue operations.
The crypto exchange ends examinations by the Commodities Futures Trading Commission (CFTC) and the Department of Justice (DOJ), although the Securities and Exchange Commission (SEC) can need its own examinations.
Treasury Secretary Janet Yellen stated:
“The outcome of these contracts will be an end to business habits that has actually postured dangers to the U.S. monetary system, U.S. residents, and our nation’s nationwide security for too long.”
How does the marketplace respond?
While this is a significant blow for Binance,
