What's next for Changpeng Zhao, CZ and Binance?
After reports surfaced that Binance's ex-CEO, Changpeng Zhao, confessed to breaching US anti-money laundering regulations, there is a lot of ambiguity surrounding the exchange and its former CEO and founder. Despite the exchange's prompt appointment of a new CEO, investors remain wary of trading on the platform due to their concerns.
Following the news of CZ's guilty plea, more than $1 billion was withdrawn from Binance as investors sought out more secure options due to the uncertainty surrounding the exchange and US regulations.
The US Justice Department is now pushing for a longer prison sentence than the initial 12-18 months and is also denying CZ's request to travel despite his trial starting in February 2024.
This has raised the question of how this situation will impact the long-term future of cryptocurrency, as well as which exchanges are best for investors at this time.
For more information about the case, I recommend reading this article: https://cointelegraph.com/news/what-next-binance-changpeng-cz-zhao
It might also interest you to know that CZ has also resign from being the chairman of Binance.US according to the latest report. More investors are getting more skeptical about this development and the market share of Binance might reduced significant in the next couple of weeks.
It has been a torrid year for Binance and I feel CZ resignation from is CEO role with Binance US should be the worst even though many are anticipating a jail them which I guess will change people perception about the platform.
Though I'm not sure why, Binance purposefully chose not to comply with US financial requirements in order to maintain operations. I'm sure they took note of this and, going forward, other exchanges should also take note and take appropriate action to steer clear of stories that require attention. There are still some excellent exchanges available, such as Bitget, which someone traders have been talking about. If you've observed, they typically comply with regulatory requirements. Their management must really care about their clients since they go above and beyond to establish a reputation, and as such, they are commendable.
Yeah, Bitget and Binance has always been my go-to exchange but with the recent development I would be looking towards the former pending an improvement on the situation with Binance.