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- 🌙 CZ Pleads Guilty
🌙 CZ Pleads Guilty
This decision is part of a major settlement with the U.S. Department of Justice (DOJ) involving a fine of $4.3 billion.
Mike Gavela
November 21, 2023
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Crypto Roundup - Nov 21
Changpeng Zhao, CEO of Binance, the world's largest cryptocurrency exchange, agreed to a historic settlement with the U.S. Department of Justice (DOJ), including a $4.3 billion fine and his resignation. This settlement, one of the largest corporate penalties in U.S. history, was for anti-money laundering violations, unlicensed money transmitting, and sanctions laws breaches. Concurrently, the U.S. Securities and Exchange Commission (SEC) sued the crypto exchange Kraken for operating as an unregistered broker, clearing agency, and dealer, and for commingling customer and corporate funds. These actions against major crypto exchanges like Binance and Kraken highlight the intensified regulatory scrutiny on the crypto industry. The Binance settlement, however, allows the exchange to continue its operations, preventing a collapse similar to FTX's last year
Top Stories:
Binance Agrees to $4.3 Billion Settlement: Binance, led by CEO Changpeng Zhao, settled with the U.S. DOJ for $4.3 billion over violations of anti-money laundering and other U.S. laws, marking one of the largest penalties in corporate history.
Kraken Faces SEC Lawsuit: The SEC sued Kraken for operating an unregistered platform and improperly mixing customer funds, echoing its previous actions against other major crypto exchanges like Coinbase and Binance.
Zhao Steps Down Amid Settlement: As part of the settlement with the DOJ, Binance CEO Changpeng Zhao agreed to step down and plead guilty to anti-money laundering law violations, allowing the exchange to continue operations.
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FUNDRAISES
Introducing Blast: The only Ethereum L2 with native yield for ETH and stablecoins.
We’ve raised $20m from @paradigm and @standardcrypto to build the L2 that helps you earn more.
Details on how to get early access at the end of the thread👇
— Blast (@Blast_L2)
11:39 PM • Nov 20, 2023
1/ Hi again!
Today, we’re excited to announce our $18M Series A, led by @paradigm!
— Privy (@privy_io)
2:15 PM • Nov 21, 2023
We’re excited to announce our $2.5M seed round led by @Magnus_fund has closed!
We are delighted to receive the support of additional key funds and angels within the space.
— IntentX ⛺️ (@IntentX_)
2:43 PM • Nov 21, 2023
OTHER HEADLINES
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CRYPTO TWITTER (X)
Since the founding of Coinbase back in 2012 we have taken a long-term view. I knew we needed to embrace compliance to become a generational company that stood the test of time. We got the licenses, hired the compliance and legal teams, and made it clear our brand was about trust… twitter.com/i/web/status/1…
— Brian Armstrong 🛡️ (@brian_armstrong)
7:59 PM • Nov 21, 2023
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… twitter.com/i/web/status/1…
— CZ 🔶 Binance (@cz_binance)
8:36 PM • Nov 21, 2023
Over $1B in value has left Binance since the news of @cz_binance's departure. This is a combination of prices dropping and liquidity leaving
However, there remains $65B in Binance's control at the time of writing. This isn't the first time Binance has dealt with large outflows
— Nansen 🧭 (@nansen_ai)
11:07 PM • Nov 21, 2023
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