Based on the latest news, I expected a greater drop in the bnb price. Fortunately, everything turned out according to a more positive scenario. In any case, this is a strong reputational blow to the exchange and at the end of the year it will now be interesting to see how the story will develop further.
It was a long time coming. Teng was initially rumored to replace CZ since June when Binance got slapped with that court filing by the SEC — they thought they could maneuver their way around this one but the US justice system is one of the best in the world at finding and prosecuting criminals.
It's going to be a wild west in the industry in the coming year. CZ and SBF were on top of the food chain during the last bull run so much that they were featured in Forbes.
They knew they had done something wrong so they agreed to pay the penalty money anyway. This is true it was a calculated move to remove CZ from his position to make their way around but the DOJ had another plan which has been reflected in their move. This is actually a mockery of society that criminals can make their way around by giving penalty money to the government. It is true that any major steps towards binance would have affected the market heavily but this will be good for the long term.
