Big Headline and Crypto Crackdown
Binance CEO Changpeng Zhao who has been in office over 6 years resigns. In general, this is poised to make a considerable difference for Binance as a primary exchange platform. According to New York Times he agreed to plead guilty to money laundering violations as part of the plea he will step down as CEO and pay $50 Million. Also, the Binance as an establishment has a settlement of $4.3 Billion negotiation with BOJ.
It is important noting that Binance was caught not for improper use of money, but for failing to adhere to regulatory frameworks and norms. So, I wonder if there are clear regulatory rules, or if the SEC and other enforcement agencies prefer to regulate through litigation. When was the last time the SEC worked with congressional members to develop new policy and operational frameworks?
With what has happened to FTX, BITREX’s and BINANCE I can say it is a Crypto Crack-down.
Let me ask do you think Binance will be the Last Pendulum to swing?
It is a clear sign regulator don’t want crypto to succeed. Do not forget that Kraken got hit again and now they are fighting for their mission in the crypto space. If this continues it implies that the management of different exchangers will not be around in the next 4 years. They will be replaced by traditional financial professionals who will be operating this new technology in a regulated complying fashion.
Let me summarize by stating that there are global elements at work, and we have seen manipulations in the crypto market, and I don't believe there is possibility of ETF certification if Binance maintains its present level of power. If you remove the vast center of power away from crypto, you are returning to the conventional large center of influence known as Wall Street. Exactly what will bring all the governing bodies to position and approve regulations.
