Binance CEO Steps Down Amidst DOJ Settlement
In a shocking turn of events, Changpeng "CZ" Zhao, the CEO of crypto exchange Binance, has announced his resignation and pleaded guilty to violating Anti-Money Laundering laws. This follows the U.S. Department of Justice's (DOJ) announcement of a $4.3 billion settlement with Binance. CZ stated that stepping down is the right thing to do, taking responsibility for his mistakes.
Market Liquidates $175 Million in Long Positions
The news surrounding Binance and CZ's departure has sent shockwaves through the digital asset space, resulting in a rollercoaster ride for traders. In the last 24 hours, approximately $175 million worth of crypto long positions were liquidated, while $51 million in short positions were purged.
Impact on Binance and Crypto Markets
The repercussions of the Binance news have extended beyond the exchange itself. According to CoinGlass, a crypto derivatives data platform, the market liquidated over $226 million in crypto assets within the last day. This led to the liquidation of 92,742 traders. The largest liquidation occurred on Bybit's BTC/USD pair, amounting to around $2.35 million.
Decreased Asset Inflows for Binance
Aside from the market liquidations, the news may have also affected the flow of crypto assets into the Binance exchange. Data from DefiLlama shows that Binance's asset inflows have declined by more than $1 billion in the past 24 hours. This indicates that some traders have temporarily halted their deposits into the exchange.
BNB Token Rally Cut Short
On November 21, Binance's native token BNB experienced a rally, defying the overall market sentiment. However, this rally was short-lived as news of the DOJ settlement emerged. BNB reached a five-month high of $271.9 before dropping back to $237 at the time of writing.
Did you miss our previous article...
https://trendinginthenews.com/crypto-currency/creditors-of-mt-gox-exchange-receive-email-hinting-at-repayments
