BNB Crashing As Binance Founder Prepares To Plead Guilty To Criminal Charges, Step Down

BNB
BNB
cryptocurrency exchange Binance’s native token has fallen 10% amid rumors that the company is preparing to pay a $4.3 billion fine to settle criminal charges with the US Department of Justice.

CEO Chang Ching Zhao, commonly referred to as CZ, is expected to plead guilty to violating U.S. anti-criminal money laundering requirements, according to reports. wall street journal. He also plans to step down as CEO. forbes It has been learned that long-time executive Richard Teng is being considered to take over the industry’s top job.

This token was created in 2017 to fund the creation of Binance. forbes investigation It turned out to be a huge failure. Owners of the assets received trading discounts and access to unique investment opportunities through Binance. The reported agreement suggests the company may be able to continue operating, but investors are worried that Binance will lose its tokens, which have been a key linchpin in its rise to becoming the world’s largest cryptocurrency exchange. Looks like he’s running away.

So far, other parts of the cryptocurrency market remain unaffected by this news. Bitcoin and Ethereum, the two largest tokens by market capitalization, are trading sideways on the news.

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