We have breaking news as the CEO of Binance CZ just stepped down and Resigned from his position here's Everything you need to know according to Forbes CZ is stepping down as part of a Major $4 billion settlement between the Department of Justice and a Cryptocurrency exchange he operated and This is confirmed with close sources and Discussions with the agency itself now This settlement is with the doj and cftc Not the SEC which means this wasn't Gary Gendler this is between the doj and the Cftc even though the SEC charged by Finance and its founder CZ in June with Operating an unregistered security Exchange and misleading investors by Using a Switzerland based fund called Sigma chain all to inflate the trading Volume on binance.us saying through 13 Charges we allege that Zhao and binance Entities engaged in an extensive web of Deception conflicts of interest lack of Disclosure and calculated evasion of the Law so Gary Gensler did not hold back And as I've been talking about on YouTube and in all of my Tik toks all of The reasons behind why I'm blocking by CZ himself I have to agree with gendler On this one there's a lot of corruption That took place at binance Bloomberg Reported Monday that binance was set to Agree to a $4 billion settlement with The department now this agreement seeks
To strike a balance that would allow Binance to continue operating rather Than risk a collapse that would cause a Negative Fallout for markets and crypto Holders around the globe you see Z has His residency in the UAE which has Complicated a ton of extradition Attempts because that country does not Have an extradition treaty with the United States but that's what led us to The breaking news today where binance And CZ admits that they're going to be Coming to the states and admitting guilt To both the civil and criminal charges Which means CZ would be stepping down And CZ could have very well been Foreshadowing what was about to take Place on November 18th when he responded To Sam Altman being removed as CEO from Open AI quote teting him saying Investors and Founders don't always Unline don't let anyone tell you Otherwise to be fair no two persons can Always be 100% aligned I'm both a Founder and an investor knowing what to Get control of a the company you founded Is one of the trickiest decisions now on Bitcoin we can see that this is Immediately affecting the price down to $36,800 seeing quite a bit of volatility Taking place however I believe this is Actually bullish for markets long term We always knew that CZ was going to be Pushed out of the United States by the
Government they want regulatory control And I think it's been bad for this space And actually toxic that a lot of people Have propped up CZ as some type of hero When this is a multi-billionaire who is Completely profitable off an unregulated Industry which means the only way he Made his actual money was through a lot Of early stage on manipulation and it is Clear that we're about to see that in These criminal trials however the Biggest question around all of this is Going to be what happens to bnb's price Can the binance smart chain survive Without cz's leadership or potential Market manipulation and if not what Chain is going to replace it let me know In the comments
