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Binance Executive Exodus Could Threaten Cryptocurrency

Bitcoin (BTC-USD) is having a good run in 2023. After trading below $18,000 in Jan., optimism for BTC peaked in recent weeks. BlackRock filed for a BTC exchange-traded fund. Coinbase (COIN) fought the SEC on its no vague answers.

Binance will take center stage after senior executives quit. Fortune reported that its general council and SVP for compliance are leaving the company. They are exiting amid increasing pressures from the U.S. Department of Justice investigating Binance. The SEC alleges that Binance tried mixed billions of dollars in customer funds and secretly sent them to a separate company. The DOJ accuses the platform of money laundering and sanctions violations.

Binance’s troubles may have minimal long-term effects on Bitcoin and the major cryptocurrencies. It might mirror that of FTX’s bankruptcy and Silvergate Capital winding down. Since then, Bitcoin and Ethereum (ETH) recovered in 2023. XRP and LTC are also in a holding pattern.

Bitcoin is the leader in the crypto market. It is the gold standard whose price leads the direction of other cryptos. Expect troubles for Binance to mount as regulators crack down on the biggest bitcoin exchange and altcoin crypto exchange.