Binance CEO’s Surprise Announcement Sends BNB Tumbling in Cryptocurrency Market

Binance CEO's Surprise Announcement Sends BNB Tumbling in Cryptocurrency Market

Binance’s BNB Token Plunges Amid Reports of United States DOJ Settlement

The Plunge of Binance’s BNB Token

Binance’s BNB token suffered a major price fall following reports that Binance and its CEO, Changpeng Zhao (aka “CZ”), will plead guilty and pay a whole lot of fine to resolve charges from the  United States Department of Justice. Within the last hour, BNB has plummeted by 8%, as of now priced at around $240, and down 8% for the day according to CoinGecko. This plunge has been the steepest between leading digital currencies within the same time frame.

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Simultaneously, Bitcoin (BTC) and Ethereum (ETH), the top two digital currencies, are likewise experiencing slight price declines, although not as severe as BNB. Bitcoin (BTC) has dropped by 0.9% in the last hour, settling just below $36,900 after briefly sliding to about $36,320. Ethereum (ETH), on the other hand, has decreased by 1.6% to $1,973.

Binance and Zhao’s Settlement

As part of the reported settlement, Binance will admit to violating United States anti-money laundering regulations and pay a $4.3 Billion fine. In addition, Zhao is expected to step down from his executive position at the exchange. The notice of the settlement is anticipated to be made by the Department of Justice at 3pm ET. The agreement will reportedly resolve civil charges brought by the CFTC, but it won’t be include a settlement with the United States Securities and Exchange Commission (SEC).

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Hot Take

The reports of Binance and Zhao’s impending guilty plea and settlement with the United States Department of Justice have led to a whole lot of downfall in the price of BNB. This development likewise influences the prices of Bitcoin (BTC) and Ethereum (ETH), albeit to a lesser extent. The cryptocurrency market is clearly responding to these legal challenges faced by one of the industry’s leading exchanges and its CEO.

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