After Binance CEO Changpeng Zhao (CZ) agreed to plead guilty and step down as CEO of the world’s largest cryptocurrency exchange, the crypto world fiercely debated the future of the company he founded in 2017. Cults of personality are not new to the tech or cryptocurrency industries, where figures like SpaceX CEO Elon Musk have amassed scores of followers and can move markets with a single tweet. Following a years-long investigation led by the U.S. Department of Justice on Tuesday, CZ agreed to pay $4.3 billion in fines and plead guilty to money laundering charges. CZ is being replaced by new CEO Richard Teng, and Amberdata Director of Research Chris Martin believes this is a positive step for Binance and the crypto industry as a whole. Binance was ordered to exit the United States completely, and Martin predicts CZ will remain involved with the day-to-day operations of the company. The next goal for Binance is to bring the exchange under compliance, which may lead to customers heading for the door. This news signals the maturity of the crypto market and shows that crypto operations have a solid continuity plan and are not dependent on any one person. #Binance #Crypto #MoneyLaundering #Compliance
You can read more about this topic here: Decrypt: What Will a Post-CZ Binance Look Like?