What's next for Binance Changpeng Zhao, CZ.

[collins124]

The cryptocurrency market is currently experiencing a bullish trend, but the same can't be said of Binance's former CEO Changpeng Zhao, who will be facing potential jail time after admitting to violating US anti-money laundering laws.

The US Justice Department is now pushing for a longer prison sentence than the initial 12-18 months and is also denying CZ's request to travel despite his trial starting in February 2024.

Following the news of CZ's guilty plea, more than $1 billion was withdrawn from Binance as investors sought out more secure options due to the uncertainty surrounding exchanges and US regulations.

This raises the question of how this situation will impact the long-term future of cryptocurrency, as well as which exchanges are best for investors at this time.

For more information about the case, I recommend reading this article: What’s next for Binance’s Changpeng ‘CZ’ Zhao?

 

[Raymondblue]

The cryptocurrency market is currently experiencing a bullish trend, but the same can't be said of Binance's former CEO Changpeng Zhao, who will be facing potential jail time after admitting to violating US anti-money laundering laws.

The US Justice Department is now pushing for a longer prison sentence than the initial 12-18 months and is also denying CZ's request to travel despite his trial starting in February 2024.

Following the news of CZ's guilty plea, more than $1 billion was withdrawn from Binance as investors sought out more secure options due to the uncertainty surrounding exchanges and US regulations.

This raises the question of how this situation will impact the long-term future of cryptocurrency, as well as which exchanges are best for investors at this time.

For more information about the case, I recommend reading this article: What’s next for Binance’s Changpeng ‘CZ’ Zhao?

It's not going to be easy for CZ looking at the United States stance against AML laws that CZ outrightly broke. Even though Binance will still continue despite CZ stepping down, the exchange will no longer have that trust that users used to have and it's definitely going to affect there market share drastically. The real effect will be felt when he's finally sentenced. A lot of investors are already moving a reasonable amount of their assets from the exchange incase more events unfold. Regulatory compliant CEX will obviously be where investors will be looking towards.

 

[I am Praise]

I hear CZ has stepped down as the Chairman of Binance.US. It seems there is more to it than meet the eyes and as As Binance continues to face challenges, exchanges that are more compliant to regulations like Bitget are quickly gaining traction

 

[Megamind 247]

The cryptocurrency market is currently experiencing a bullish trend, but the same can't be said of Binance's former CEO Changpeng Zhao, who will be facing potential jail time after admitting to violating US anti-money laundering laws.

The US Justice Department is now pushing for a longer prison sentence than the initial 12-18 months and is also denying CZ's request to travel despite his trial starting in February 2024.

Following the news of CZ's guilty plea, more than $1 billion was withdrawn from Binance as investors sought out more secure options due to the uncertainty surrounding exchanges and US regulations.

This raises the question of how this situation will impact the long-term future of cryptocurrency, as well as which exchanges are best for investors at this time.

For more information about the case, I recommend reading this article: What’s next for Binance’s Changpeng ‘CZ’ Zhao?

I still don't know why Binance will deliberately not meet the US monetary demands to keep them running, but I'm sure they would have learnt their lessons from this and other exchanges too should take it to notice and always do the needful to avoid stories that touch. There are still good exchanges out there like the Bitget that someone mentioned up in the comment, if you noticed they're usually compliant with regulatory demands, I guess their managers care so much about their customers their them just making a name for themselves, such are worthy of emulating.

 

[Maxicreed]

CZ is indeed an household name in this industry and I feel keeping him out of the picture for the right reasons would have a positive impact rather than the opposite and it's high time diversifying should be prioritize than focusing on one exchange.

 

[collins124]

It's not going to be easy for CZ looking at the United States stance against AML laws that CZ outrightly broke. Even though Binance will still continue despite CZ stepping down, the exchange will no longer have that trust that users used to have and it's definitely going to affect there market share drastically. The real effect will be felt when he's finally sentenced. A lot of investors are already moving a reasonable amount of their assets from the exchange incase more events unfold. Regulatory compliant CEX will obviously be where investors will be looking towards.

After the news broke out, more than 1 billion dollars were withdrawn from the exchange. I am concerned if CZ's sentencing will affect the bull market. Some of my friends have suggested Bitget as a better exchange in terms of regulatory compliance. What do you think about this?

 

[collins124]

I hear CZ has stepped down as the Chairman of Binance.US. It seems there is more to it than meet the eyes and as As Binance continues to face challenges, exchanges that are more compliant to regulations like Bitget are quickly gaining traction

Yeah, he stepped down as Binance CEO already after pleading guilty. Though the market has yet to react massively to this I feel it will soon. What exchange do you think is safe to use now?

 

[I am Praise]

Yeah, he stepped down as Binance CEO already after pleading guilty. Though the market has yet to react massively to this I feel it will soon. What exchange do you think is safe to use now?

Well the market may or may not react to it, cos he resigned as the CEO of Binance.US not Binance as a whole. Also, CZ is perceived to be a stand up guy with integrity so what ever the SEC says about him or Binance, people may not fall for it hook, line and sinker unlike the case of SBF. That been said, i moved my funds to Bitget and Bybit, just to be safe you know.

 

[collins124]

Well the market may or may not react to it, cos he resigned as the CEO of Binance.US not Binance as a whole. Also, CZ is perceived to be a stand up guy with integrity so what ever the SEC says about him or Binance, people may not fall for it hook, line and sinker unlike the case of SBF. That been said, i moved my funds to Bitget and Bybit, just to be safe you know.

There is no problem being careful, mate.