CZ departure, Binance deal lead to purge of $175M of crypto longs
Data aggregator DefiLlama showed that Binance’s crypto asset inflows have fallen by over $1 billion in the last 24 hours.
Data aggregator DefiLlama showed that Binance’s crypto asset inflows have fallen by over $1 billion in the last 24 hours.
Binance founder Changpeng “CZ” Zhao posted a $175 million bond with the condition he return to the U.S. two weeks before his sentencing.
According to a Bloomberg report on November 21, the U.S. Department of Justice (DOJ) intends to announce significant cryptocurrency enforcement actions at 09:00 PM (GMT) on November 21. Key officials involved in the announcement include Attorney General Merrick Garland, Treasury Secretary Janet Yellen, Deputy Attorney General Lisa Monaco, and the Chairman of the Commodities Futures Trading Commission, Rostin Behnam. As previously reported by BlockBeats, a recent investigation by the DOJ resulted in Tether, the issuer of USDT, actively and voluntarily freezing approximately $225 million in USDT tokens held in external self-hosted wallets. The wallets in question were connected to an international human trafficking group based in Southeast Asia, believed to be involved in a scam known as the "pig-killing plate" that has impacted people globally.
United States government agencies spent months, sometimes years, investigating Binance in the lead-up to unsealing an indictment against the exchange.
Cryptocurrencies flash mixed signals as market participants digest the details of CZ’s guilty plea and the U.S. Department of Justice’s $4.3 billion settlement with Binance.
Brian Armstrong reflected on the announcement of criminal charges against Binance, stating that Coinbase’s decision to get licenses was correct.
Officials with the U.S. Justice Department, Treasury, and CFTC alleged Binance “lacked basic safeguards” to protect against sanctions and Changpeng Zhao committed criminal acts.
The house that CZ built will now be helmed by its head of regional markets, as the U.S. Department of Justice has barred the former CEO from his position.
The U.S. Justice Department, Treasury and CFTC reportedly plan to announce settlements for many of the criminal and civil cases against Binance and CZ on Nov. 21.
Officials reported the seizure was tied to an organization responsible for “pig butchering” romance scams.