Topic: Changpeng Zhao (CZ) has resigned as Binance CEO. (Read 388 times)

If some company can afford it, it's definitely binance. But i don't believe that even they have that kind of money lying around. Large sums of money are usually tied to something. company shares, real estates,  subsidiares or cryptos and stuff like that.

Question is: what assets will they be liquidating to afford it, and if it's cryptos, i am hoping they are doing otc trades, because 4.3 billion sell pressure is enough to tank almost anything.

Binance CEO, changpeng Zhao, popularly known as CZ, have stepped down as Binance CEO, after pleading guilty to violating criminal anti-money laundering requirements.

That's actually one of the more positive things that he did.  


Lol, you really think that he won't have a final say on everything Binance related just because he is not CEO anymore? Keep in mind that he will remaain the owner of Binance so take a guess whether he will accept BSV back.

Unfortunately you have to be disappointed, CZ in his farewell tweet with Binance named Richard Teng as his replacement.

Yes, they can afford to pay that and they've got more money for sure because if they're able to pay and settle with that fine. It only means that they have a bigger pocket and that won't make them bankrupt because of it. And on this expenses, this isn't a loss for them but they can treat it as an investment and settlement because their operations can now go without interruption and you know that it's just like a public under the table matter.

Though the money settlement is huge for ordinary trading platform, I believe, binance can afford to pay that.
Because if they can't, we will be reading a lot of fud regarding bankruptcy of this biggest exchange.
They can cover such losses and their business will go on as usual. That's how solid they are.

If it happened in a small exchange, for sure, they will be MIA already. But CZ is just stepping down.

er
We remember how this scammer CZ with a smile on his face delisted our coin and called us shit

We hope we can agree on the listing again with the new CEO of Binance. We hope he will be more political correct with his words on Twitter unlike scammer CZ

As part of the settlement, binance ceo resigned from being the chairman of the exchange.
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The big question now Is, WHAT becomes of Binance?

The big question now Is, WHAT becomes of Binance?

Binance CEO, changpeng Zhao, popularly known as CZ, have stepped down as Binance CEO, after pleading guilty to violating criminal anti-money laundering requirements.
-cut-

Finally justice has been served. F*cking scammer CZ is admitted that he is a scammer
-cut-
We remember how this scammer CZ with a smile on his face delisted our coin and called us shit
-cut-

Binance CEO, changpeng Zhao, popularly known as CZ, have stepped down as Binance CEO, after pleading guilty to violating criminal anti-money laundering requirements.

I just hope he doesn't end up like other big names who talk loudly about stuff after stepping down from a higher position.

Binance will continue and there will be a new CEO for binance.com. I wish it will be the cofounder He Yi hehehehe.

The big question now Is, WHAT becomes of Binance?

~
PS: anybody know why everyone is thanking CZ for resigning? That he saved our bags

And is that why Binance and the team no longer trust 3rd party chat apps?

~

Tf that $4 billion, is there a public or private breakdown to it why that was the amount charged? If they will pay it for like installment/multiple payment or 1 payment only, if authorities have a terms like this. Obviously, i'm more concerned on the amount because it has domino effect from the institutional/business' investments towards binance to whales, to normal traders then next the crypto price e.g. BNB even bitcoin it already feel the effect.

I was thinking about these things and these are already a lot of happenings for this quarter. And the condition that's probably part of the deal given to CZ just to save Binance from the stink that it's given by the US government shall come to an end with this decision. Aside from the resignation, the settlement that they have to pay. Well, it's a win for the US government for having that much fine and Binance, CZ and everyone who's part of it just agreed to pay for it so they can continue going on that market that they have established their presence already. I think we might see the good days back for Binance on the US markets and not because CZ steps out.

Maybe for his contributions to Binance and BNB? and to the whole crypto community?

— Poloniex was charged by SEC
— Bittrex is shutting down it's doors.
— CZ stepping down

PS: anybody know why everyone is thanking CZ for resigning? That he saved our bags

Binance CEO, changpeng Zhao, popularly known as CZ, have stepped down as Binance CEO, after pleading guilty to violating criminal anti-money laundering requirements.

Binance was asks to pay the sum of $4 billion dollars to the US department of Justice for them to end criminal investigations against the world largest exchange, binance.

-snip-
So Signal is the new WhatsApp now? Quite worrying.

I wasn't expecting this, I mean, why would CZ pleaded guilty himself? Guilty to what exactly? If this is true then sorry to say, CZ isn't clean after all, if he is clean there is no reason to pleaded guilty even if the pressure is too, maybe this is the black swan event people are hoping for but binance is one of the biggest companies in the world by now and many don't know this.

However, they fail to understand that all centralized platforms are the same.

Today, I stepped down as CEO of Binance. Admittedly, it was not easy to let go emotionally. But I know it is the right thing to do. I made mistakes, and I must take responsibility. This is best for our community, for Binance, and for myself.

Binance is no longer a baby. It is time for me to let it walk and run. I know Binance will continue to grow and excel with the deep bench it has.

I’m pleased to announce that @_RichardTeng
, our now former Global Head of Regional Markets, has been named the new CEO of Binance today.

Richard is a highly qualified leader and, with over three decades of financial services and regulatory experience, he will navigate the company through its next period of growth. He will ensure Binance delivers on our next phase of security, transparency, compliance, and growth.

Prior to joining Binance, Richard was CEO of the Financial Services Regulatory Authority at Abu Dhabi Global Market (ADGM); Chief Regulatory Officer of the Singapore Exchange (SGX); and Director of Corporate Finance in the Monetary Authority of Singapore.

With Richard and the entire team, I’m confident that the best days for @Binance
 and the crypto industry lay ahead.

As a shareholder and former CEO with historical knowledge of our company, I will remain available to the team to consult as needed, consistent with the framework set out in our U.S. agency resolutions.

What’s next for me?

I will take a break first. I have not had a single day of real (phone off) break for the last 6 and half years.

After that, my current thinking is I will probably do some passive investing, being a minority token/shareholder in startups in areas of blockchain/Web3/DeFi, AI and biotech. I am happy that I will finally have more time to spend looking at DeFi.

I can’t see myself being a CEO driving a startup again. I am content being an one-shot (lucky) entrepreneur. Should there be listeners, I may be open to being a coach/mentor to a small number of upcoming entrepreneurs, privately. If for nothing else, I can at least tell them what not to do.

On that note, I am proud to point out that in our resolutions with the U.S. agencies they:

- do not allege that Binance misappropriated any user funds, and
- do not allege that Binance engaged in any market manipulation.

Funds are SAFU!

Crypto exchange Binance will leave the U.S., pay billions in fines and appoint a monitor for five years to settle charges with the Financial Crimes Enforcement Network (FinCEN) and Office of Foreign Asset Control (OFAC), the U.S. Treasury Department's money laundering and sanctions watchdogs, according to press releases shared Tuesday.

The exchange will pay $3.4 billion to FinCEN and $968 million to OFAC as part of these settlements, which saw both agencies accuse Binance of violating the Bank Secrecy Act and sanctions programs. Binance had already said it will pay $4.3 billion in fines and forfeitures to the U.S. Department of Justice to settle charges it violated sanctions law and failed to maintain a proper know-your-customer program. Changpeng "CZ" Zhao, the exchange's founder and CEO, is resigning from his role as part of that settlement.

In addition, Binance will make a "complete exit" from the U.S. as part of its settlement with FinCENand appoint a monitor for five years who will oversee the exchange's sanctions compliance program. The U.S. Treasury Department will have access to Binance's record and systems during that time.

I wasn't expecting this, I mean, why would CZ pleaded guilty himself? Guilty to what exactly? If this is true then sorry to say, CZ isn't clean after all, if he is clean there is no reason to pleaded guilty even if the pressure is too, maybe this is the black swan event people are hoping for but binance is one of the biggest companies in the world by now and many don't know this.

I really hope that investors will understand this just as you have said it, else, many might panic sell and drag the market down.

So prices after all will plunge below $35k or maybe $32k at the bottom. It sure is good to try to be the first to sell before things get worse.

It's a wonder how they are going after CZ or Binance since the DOJ has no authority over CZ or Binance itself.

I believe that the $4B is just a crazy amount for fine, my question is what the US government plan to use this big amount of money for, sigh!

Bitcoin is trading in the same channel it's been for the last 3 weeks, it hasn't "dumped" as you call it.

2 days ago it was at 46.4 and now it's 46.9, somebody needs to have their eyes checked

Yes News is coming from all over the crypto news pages. BNB coin was looking good pumped from 250 to 272$ but suddenly down to 250 with same speed because of this news. More blood coming because this news is quite new and many investors are still unaware of it. BTC also dumped now. Is this will be the end of Binance or everything will become normal. This will be big question now how Binance team manage current situation.

I read this one from watcher guru



Source

Let us expect nothing to happen to the exchange but this may lead to loophole in the exchange. If Binance become breached or hacked as the next exchange, it will not be a surprise. But let us see what will happen.

Anyway, it's a part of the deal as according to it he won't be able to have an executive role in Binance US but he will keep the ownership of the company so nothing much changes really. He will have to pay 4.3 billion USD thoug.
I guess he realized that there's no point fighting them and instead it's better to plead guilty, pay the fine and continue with the business.

You could have waited then for some details instead basically creating an empty topic with the title only.

Anyway, it's a part of the deal as according to it he won't be able to have an executive role in Binance US but he will keep the ownership of the company so nothing much changes really. He will have to pay 4.3 billion USD thoug.
I guess he realized that there's no point fighting them and instead it's better to plead guilty, pay the fine and continue with the business.

Details coming shortly

JUST IN: #Binance    CEO CZ pleads guilty to violating criminal anti-money laundering requirements.