Changpeng Zhao, aka "CZ," Binance CEO, steps down after reaching a plea agreement with the US Department of Justice. Other infractions against Binance include exporting illicit services to Iran and transmitting money without authorization. The business, which will now have to pay a hefty $1.8B fine, promised to assist the government in all relevant subjects.
On Tuesday, the series of incidents led to a 6.7% decline in BNB. The DOJ's current investigations, which began in 2018, may have anything to do with Zhao's departure and possible US sanctions violations concerning Russia. Global authorities, with intensifying efforts in the US and Europe, provide further obstacles for Binance in the meantime.
After leaving the Netherlands, Binance was the subject of a French inquiry. Meanwhile, the Securities and Exchange Commission in the US launched a lawsuit, alleging that Binance had violated US securities laws.
The downturn reduced Binance's market share among non-USD exchanges significantly. Multiple executive departures and layoffs have highlighted a turbulent moment for the crypto exchange. While Binance continues to operate normally, the platform suffers a significant financial and public image hit.
