The largest cryptocurrency exchange in the world, Binance, has made history by announcing the delisting of ten significant trading pairs, including Aptos (APT), Axie Infinity (AXS), Filecoin (FIL), and others. Particularly, the impacted pairings are linked to Binance’s stablecoin, BUSD.
This choice is made in the midst of several delistings that will occur in 2023; many people attribute this tendency to Binance’s growing legal troubles.
The most recent statement, though, is especially noteworthy since it comes right after the shocking news that Changpeng Zhao, often known as CZ, the founder and CEO of Binance, will be leaving his position. This action is a component of a larger agreement reached with the US Department of Justice to settle criminal allegations against Binance.
https://x.com/binance/status/1727064464061821067?s=20
After CZ entered a guilty plea to allegations of running an unregistered money transfer company, conspiring, and breaking rules, the exchange was hit with a hefty punishment of $4.3 billion. Zhao will keep his majority ownership in Binance, even if he will not be participating in its administration. He also stands to lose $50 million in fines.
Binance will “fully exit” the United States in accordance with the terms of the deal with the Financial Crimes Enforcement Network, and a five-year monitor will be appointed to ensure compliance with regulations. The U.S. Treasury Department will have full access to Binance’s systems and data throughout this time.
Although there may be delays, CZ’s sentence is set on February 23. He may spend up to 18 months behind bars if found guilty. When Zhao considered what had happened, he said he wanted to “take responsibility and close this chapter in my life.”
