BNB Price Takes a Hit Amid Outflows
Following recent developments, the BNB Coin, Binance’s native cryptocurrency, has seen a 12% drop in price over the last 24 hours, currently trading at $234 with a market cap of $35.5 billion. Trading volumes for BNB have also surged to over $2.5 billion, and Binance witnessed a net outflow of over US$800 million in assets in the last 24 hours, in stark contrast to OKX, which saw a net inflow of US$145 million. Despite this outflow, Binance still retains the largest asset value, surpassing $67.9 billion.
CZ, the former CEO of Binance, now faces multiple charges, and his sentencing is scheduled for February 23, 2024. While he awaits this date, he is out on a $175 million bond and is allowed to travel to the UAE, provided he appears 14 days ahead of the next hearing.
Binance Prepares to Leave the U.S.
As part of a settlement with FinCEN and OFAC, Binance has agreed to a “complete exit” from the U.S. and will pay $3.4 billion to FinCEN and $968 million to OFAC. A monitor will also be appointed for five years to oversee the exchange’s compliance program, and the U.S. Treasury Department will have access to Binance’s records and systems during this time.
These settlements come in response to accusations that Binance violated the Bank Secrecy Act and sanctions programs. This follows an earlier commitment to pay $4.3 billion in fines and forfeitures to the U.S. Department of Justice, related to sanctions law violations and inadequate maintenance of a proper know-your-customer program. As a result of this settlement, Changpeng “CZ” Zhao, the founder and former CEO of Binance, has stepped down from his position. He remains out on a bail of $175 million until the final sentencing in February 2024.
Hot Take
Binance’s recent settlement to exit the U.S. signifies an end to a turbulent chapter for the exchange and its former CEO, Changpeng Zhao. These developments have had a significant impact on BNB prices, with implications for the future of the cryptocurrency and the Binance exchange as a whole. The road ahead for the exchange and its leadership remains uncertain, and the cryptocurrency community will be watching closely to see how it navigates this challenging period.
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