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Binance CEO Settles as Crypto Shakes Off Another Scandal

On Tuesday, November 21, Binance chief executive officer (CEO) pleaded guilty to criminal charges and stepped down as the company’s CEO. That was part of a $4.3 billion settlement that Binance will pay out to the United States Department of Justice (DOJ). This is according to court documents. The plea agreement puts a years-long investigation into the cryptocurrency exchange to bed.

Binance is the second cryptocurrency exchange to find itself embroiled in criminal proceedings in late 2023. In the first week of November, FTX founder Sam Bankman-Fried was found guilty of stealing from customers on his now-bankrupt cryptocurrency exchange. Meanwhile, Binance has been accused of allowing illicit actors to make more than 100,000 transactions that supported activities like terrorism and illegal narcotics.

Both FTX and Binance have dealt a short-term blow to the reputation of cryptocurrencies. However, despite the negative press, cryptocurrencies have performed well in 2023. Bitcoin and Ethereum, the top two digital currencies available in the fledgling space, have gained significant momentum after BlackRock registered a spot exchange-traded fund (ETF) in Delaware. Crypto has taken its lumps, but digital currencies continue to achieve mainstream adoption in the first half of this new decade.

Binance will continue to operate after settling with the federal government. However, it will be forced to adhere to new ground rules. It will be required to enhance its compliance program to ensure that its business falls in line with U.S. anti-money laundering standards.