LianGuai Morning News | Zhao Changpeng resigns as CEO, Bloomberg predicts that Zhao Changpeng’s sentence will not exceed 18 months
Breaking Zhao Changpeng Stepping Down as CEO of LianGuai Morning News; Bloomberg Forecasts Potential 18-Month Jail SentenceHeadlines
▌CZ: Resigns as CEO, Richard Teng Takes Over, Passive Investments in the Future
Zhao Changpeng announced his resignation as CEO of Binance on Platform X and appointed Richard Teng, the former Global Head of Market at Binance, as the new CEO. Prior to joining Binance, Richard served as the CEO of Abu Dhabi Global Market (ADGM) Financial Services Regulatory Authority, Chief Regulatory Officer of Singapore Exchange (SGX), and Chief Financial Officer of the Monetary Authority of Singapore. CZ will continue to provide necessary consulting services to the team.
In terms of future plans, Zhao Changpeng expressed the intention to take a break firstly. The current idea is to possibly engage in some passive investments, becoming a minority token/shareholder of startups in the blockchain/Web3/DeFi, artificial intelligence, and biotechnology sectors. If there are listeners, there might be a willingness to privately serve as a coach/mentor to upcoming entrepreneurs.
- LianGuai Morning News | Page X shows that CZ’s account has returned to normal. SBF provides security with cryptocurrency investment advice.
- Russian Bailiffs Amplify Their Arsenal Prepare to Seize CBDC & Crypto!
- 🌪️ BONK! Crypto Coin: A Rollercoaster Ride of Epic Proportions!
Furthermore, Zhao Changpeng pointed out that in the resolution with U.S. agencies, they have not charged Binance with misappropriation of any user funds or involvement in any market manipulation. The funds remain secure.
▌Bloomberg: Zhao Changpeng’s Sentence Expected to be Less Than 18 Months
According to Bloomberg, Binance Holdings Limited and its CEO Zhao Changpeng have admitted to committing money laundering and violating U.S. sanctions, and have reached a comprehensive settlement agreement with the United States, allowing the cryptocurrency exchange to continue operating.
In addition, Zhao Changpeng faces a maximum of 10 years of imprisonment, but based on the plea agreement, the sentence is expected to be less than 18 months, which seems to spare him from the severe punishment faced by other notorious crypto criminals. The U.S. Department of Justice has yet to make a final decision on the duration of his imprisonment, and defense lawyers stated in court that the sentencing will be postponed by 6 months.
Market
As of the time of writing, according to CoinMarketCap data:
Recent BTC price is $35,884.8, with a 24-hour change of -2.99%;
Recent ETH price is $1,939.45, with a 24-hour change of -2.41%;
Recent BNB price is $226.1, with a 24-hour change of -14.59%;
Recent XRP price is $0.5795, with a 24-hour change of -4.11%;
Recent DOGE price is $0.0718, with a 24-hour change of -5.33%;
Recent ADA price is $0.3576, with a 24-hour change of -4.87%;
Recent SOL price is $51.84, with a 24-hour change of -5.97%.
Policies
▌US Attorney General: Binance “Pretending to Comply” with Federal Laws
US Attorney General Merrick B. Garland stated that Binance not only failed to comply with federal laws, but also pretended to comply. Garland further claimed that Binance platform accommodates criminals from around the world, who use Binance to transfer stolen funds and other illicit gains, putting profits above the safety of the American people.
US Deputy Attorney General Lisa Monaco stated that this case should serve as a lesson to the industry that ignoring the law is not a path to wealth, but a path to federal prosecution.
▌He Yi: Binance not Accused of Misusing User Funds and Market Manipulation, Will Strengthen Compliance
He Yi, co-founder of Binance, stated on X platform that US regulatory agencies did not accuse Binance of misappropriating user funds or engaging in market manipulation. Binance will continue to improve compliance measures and develop the platform.
▌US Treasury to Retain Access to Binance’s Books, Records, and Systems for Five Years
The US Treasury announced in its statement that the Financial Crimes Enforcement Network (FinCEN) reached a $3.4 billion settlement agreement with Binance, marking the largest fine in the history of the US Treasury and FinCEN. The company also reached a $968 million settlement with the Office of Foreign Assets Control (OFAC).
The Treasury stated that to ensure Binance fulfills the terms of the settlement (including not providing services to US persons) and addresses illegal activities, it will retain access to Binance’s books, records, and systems for five years. Failure to fulfill these obligations could subject Binance to significant additional penalties, including a $150 million deferred fine, which FinCEN will impose if Binance fails to comply with required compliance commitments and regulatory terms.
▌Binance Required to Appoint an Independent Compliance Monitor, Report Compliance Efforts to the US Government
According to a court document released on Tuesday, Binance has been accused by the US of violating sanctions and money transfer laws and has agreed to pay $4.3 billion to settle the charges. As part of the plea agreement, in addition to the fine, Binance will be required to appoint an independent compliance monitor for a term of three years and report its compliance efforts to the US government. Zhao is prohibited from “engaging in any operation or management of Binance now or in the future”, and this ban will be lifted three years after the appointment of the monitor.
Blockchain Applications
▌On-chain Perpetuals Protocol Avantis Announces Public Testnet Launch
On-chain Perpetuals Protocol Avantis has announced the launch of its public testnet. Avantis aims to meet the risk-return profiles of individual LPs through risk grading and time-locked rewards. It is also the first perpetual DEX to introduce loss insurance.
▌Frax Community Approved for Plan to Expand to Multiple New Blockchains Using Axelar
Frax, a cross-chain protocol, has announced that a proposal has been approved through on-chain governance to expand its Frax Finance product to multiple new blockchains using Axelar.
▌Uniswap Launches V4 Template for Developers
Uniswap has announced the launch of the V4 template for developers, which includes innovative features for a seamless development journey. It aims to simplify the experience for developers building on the Uniswap contract, making it easier and more efficient. The template is deployed on the Goerli testnet. All scripts are tailored for Goerli, but developers can also use local development options.
Cryptocurrency
▌Coinbase CEO: Binance Incident Will Open a New Chapter for the Industry
In a post on the X platform, Coinbase CEO Brian Armstrong stated that today’s news (Binance settling with U.S. regulators) proves once again that doing things the hard way is the right decision. We now have the opportunity to open a new chapter for this industry. Due to the lack of clear regulations, we have faced many challenges in operating in the U.S., and we hope today’s news can serve as a catalyst to ultimately achieve this goal. Americans shouldn’t have to go to unregulated offshore exchanges to benefit from this technology. This industry should be established on U.S. soil in a compliant manner, in accordance with U.S. law, and we will stay in the U.S. because we believe in economic freedom and that the U.S. democratic system will ultimately achieve this.
▌New Binance CEO: Will Work with Partners to Drive Web3 Growth and Adoption
In a post on the X platform, the newly appointed CEO of Binance, Richard Teng, stated: I am deeply honored and humbled to take up the position of CEO at Binance. We operate the world’s largest cryptocurrency exchange by trading volume. The trust of our 150 million users and thousands of employees is a responsibility that I take seriously and treasure.
With the support of CZ and our leadership team, I have accepted this role so that we can continue to meet and exceed the expectations of our stakeholders while fulfilling our core mission of financial freedom. Binance’s foundation today is stronger than ever before. To ensure a bright future, I intend to leverage everything I have learned from my thirty years of experience in financial services and regulation to guide our exceptional, innovative, and loyal team.
My focus will be on: 1) reassuring users that they can have confidence in the company’s financial strength, security, and safeguards; 2) collaborating with regulatory agencies to maintain high standards globally, promoting innovation while providing crucial consumer protection; and 3) working with partners to drive Web3 growth and adoption.
▌Binance Announcement: Reaches Settlement with US Regulatory Authorities, Settlement Agreement does not involve Fund Misappropriation or Market Manipulation
Binance has released an official announcement stating that it has resolved issues related to its historical registration, compliance, and sanctions investigations with the US Department of Justice, Commodity Futures Trading Commission, Office of Foreign Assets Control, and Financial Crimes Enforcement Network. These resolutions acknowledge the company’s responsibility for historical criminal compliance violations and enable the company to embark on a challenging yet transformative journey of learning and growth. It is worth noting that the resolutions with US agencies do not involve fund misappropriation or market manipulation. Binance remains committed to transparency and will become a stronger company, laying the foundation for the next 50 years.
▌Binance Fined Over $4.3 Billion, with $3.4 Billion from US Treasury Department
According to the official press release, Binance’s total fine amounts to $4,316,126,163, which includes $3.4 billion from the US Department of the Treasury’s Financial Crimes Enforcement Network (FINCEN) and $968 million from the Office of Foreign Assets Control (OFAC).
Court records show that Binance faces three criminal charges, including conducting unauthorized money transfer business, conspiracy charges, and violations of the International Emergency Economic Powers Act.
Important Economic Developments
▌Fed Meeting Minutes: Monetary Policy to Tighten Further if Progress in Inflation Eases
The Federal Reserve meeting minutes show that if progress in inflation eases, the Fed will further tighten monetary policy. All FOMC members agree to be “cautious” on interest rate matters, and all FOMC members believe that rates will remain restrictive for some time. Participants unanimously agree that policy decisions at each meeting will continue to be based on “a careful assessment of all available information,” and maintaining a tight stance will support further achievement of inflation goals while allowing ample time to gather more information.
▌Probability of Fed Maintaining Rates Unchanged in December is 94.8%
According to CME’s “Fed Watch”: The probability of the Fed maintaining rates unchanged in December within the 5.25%-5.50% range is 94.8%, while the probability of a 25 basis points rate hike is 5.2%. The probability of maintaining rates unchanged until February next year is 94.8%, with a cumulative probability of a 25 basis points rate hike at 5.2%. The probability of a cumulative 25 basis points rate cut by March next year is 28.4%, the probability of maintaining rates unchanged is 67.9%, and the probability of a cumulative 25 basis points rate hike is 3.6%.
LianGuai Encyclopedia
Applications based on blockchain technology that integrate non-fungible tokens (NFTs) are known as NFT DApps. With these types of applications, users can create, buy, sell, and trade original digital products such as artwork, collectibles, and in-game items. NFT DApps leverage the transparency and security of blockchain technology to transform ownership, providing support for gamers, artists, and content creators. The importance of NFT DApps lies in their provision of decentralized markets, facilitating peer-to-peer transactions, introducing innovative forms of ownership, disrupting existing industries, and democratizing the global digital economy.
Disclaimer: LianGuai, as a blockchain information platform, publishes articles for informational purposes only and does not constitute actual investment advice. Please maintain the correct investment mindset and be sure to increase awareness of risks.
We will continue to update Blocking; if you have any questions or suggestions, please contact us!
Was this article helpful?
93 out of 132 found this helpful
Related articles
- ETHGate Saga Unveils a Chapter of Drama: Lawsuits and Whistleblower Filings on the Horizon
- Scorpion Casino’s Black Friday Extravaganza Earn a 50% Bonus on Presale, as Investors Swarm in for Huge Returns!
- Alchemy Pay Expands its Crypto-Fiat Empire in the U.S. with Money Services License
- Lugano, the Crypto Wonderland of Switzerland: Embracing Polygon with Open Arms
- Blast Staking Explodes with $301M Inflow, Igniting Crypto User Skepticism
- Will Dogecoin (DOGE) Have Its Day in 2023? A Crypto Rival Paws at Its Growth Trajectory
- Breaking News: KyberSwap’s Elastic Pools Liquidity Solution Falls Victim to a $47 Million Exploit