#MyFirstFeedPost Hello, Binance Square! | Olisa_Jerry_Samson on Binance Square

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#MyFirstFeedPost Hello, Binance Square!

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THE CRYPTO COMMUNITY REACTS TO CZ STEPPING DOWN – HE’S A LEGEND It is confirmed!! CZ has stepped down as the CEO of Binance with a settlement of more than $4 billion to the United States Department of Justice (DOJ). CZ’s statement on X tells of a leader who did all he could and is going home to rest – “I will take a break first. I have not had a single day of real (phone off) break for the last 6 and half years.” Earlier today, Bloomberg published a report that Changpeng Zhao, alias CZ, the CEO of Binance, was looking to settle with the United States DOJ for $4 billion. Well, it is true. The US DOJ charged Binance, the world’s largest crypto exchange, for violating sanctions and money-transmitting laws. Binance has agreed to pay $4.3 billion to settle the accusations, resulting in “one of the largest penalties” the United States has ever received from a corporate defendant. Changpeng “CZ” Zhao, the company’s founder and CEO, pled guilty to his own charges at an arraignment in Seattle and agreed to pay a $50 million fine. CZ’s crypto era comes to an end A court document that was unsealed on Tuesday alleges that Binance was found guilty of operating an unauthorized money-transmitting business, failing to maintain an effective anti-money laundering program, and violating sanctions law. Another filing states that CZ entered a guilty plea for violating the Bank Secrecy Act and for causing a financial institution to violate the BSA. His sanction will also be deducted from the amount he owes the Commodity Futures Trading Commission, according to a filing with the U.S. Department of Justice. CZ took to his X page to notify his 8.7 million followers that his era has come to an end. His statements begin as: Today, I stepped down as CEO of Binance. Admittedly, it was not easy to let go emotionally. But I know it is the right thing to do. I made mistakes, and I must take responsibility. This is best for our community, for Binance, and for myself.

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Binance Chief CZ To Sign Off After $4b Settlement With DOJ Binance's current CEO, Changpeng Zhao, is reportedly signing off and stepping down from his role. The move comes as the crypto exchange faces a $4.3 billion (USD) fine alongside criminal charges from the U.S. government, which forwarded allegations against Binance's involvement with violating anti-money laundering laws and sanctions. Zhao is scheduled to appear in federal court in Seattle to enter a guilty plea tomorrow afternoon (PST). Zhao's decision to plead guilty, set to be formalized in a Seattle federal court, implies a strategic response on the part of Binance to assuage the U.S. Department of Justice's (DOJ) intensifying crackdown on cryptocurrency exchanges. The charges against Binance, which highlight the company's regulatory challenges, have now culminated into arguably one of the largest fines in the industry. Notably, the settlement will be made only between Binance, the Department of Justice, and the Commodities Futures Trading Commission, with the Securities and Exchange Commission left out of from participating. The SEC previously charged CZ and Binance sometime in June with operating an unregistered exchange, alongside charges of misleading investors through a Switzerland-based fund Sigma Chain. This charge points to malpractice on the side of the exchange, with the intent of inflating trading volume for its U.S. platform. “Through thirteen 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,” stated SEC chair Gary Gensler. The fine, a combination of criminal and civil penalties, can be read as a direct consequence of Binance's past practices, which were once key to Binance's rapid growth, have led to severe legal repercussions, underlining the risks of non-compliance. While Zhao’s resignation marks a critical change in Binance's leadership, the company's operational future remains subject to the details of its agreement with the DOJ. #DOYR

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#NYDFS UNVEILS NEW CRYPTO LISTING RULES FOR ENHANCED CONSUMER SAFETY In a significant regulatory development, the New York State Department of Financial Services (NYDFS) has introduced new guidelines for the listing and delisting of cryptocurrencies. Spearheaded by Superintendent Adrienne Harris, these measures aim to enhance consumer protection and establish clearer standards for the crypto industry. The core of the new regulations mandates that licensed crypto firms develop and present a policy for coin delisting, subject to NYDFS approval. This move reflects the department’s dedication to safeguarding consumers and maintaining market stability. Moreover, the guidelines reinforce the NYDFS’s commitment to a data-driven and innovative approach to overseeing virtual currencies. Under Superintendent Harris’s tenure, the NYDFS has levied over $132 million in fines on cryptocurrency companies. This enforcement underscores the agency’s focus on accountability and rectifying improper practices in the sector. The newly released guidance builds on this ethos, setting expectations for crypto businesses to manage and assess coin offerings. Notably, these regulations include a framework for writing specific policies on currency listing and delisting within companies. This framework is designed to offer a systematic and transparent process for evaluating coin offerings before approval, and it lays down criteria for responsible coin delisting. Additionally, the NYDFS released comprehensive regulations for the cryptocurrency industry earlier this year, including requirements for businesses to segregate customer funds from company assets. This directive aims to bolster consumer protection. The regulations also clarify the responsibilities of crypto firms regarding custody and safekeeping services, emphasizing the importance of prudent partnerships, especially in the context of sub-custody arrangements with third-party entities. #DYOR

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FTX Can Start Mediation, File Counterclaims in BlockFi Bankruptcy Case, Judge Rules BlockFi filed for bankruptcy in late November last year, in part because of the ripple effects of the sudden collapse of FTX, which triggered an automatic stay that halted proceedings between the two. A U.S. judge ordered the end of an automatic stay on proceedings between bankrupt crypto firms FTX and BlockFi, meaning the two can start negotiating a claims settlement. BlockFi, a lender, filed for bankruptcy in late November last year, in part because of the ripple effects of the sudden collapse of FTX earlier that month. That triggered the automatic stay, halting proceedings between the two. BlockFi had an estimated $355 million frozen on the crypto exchange's platform and was owed a further $671 million by FTX's sister company, Alameda Research. Crypto PricesCoinDesk Market Index Finance FTX Can Start Mediation, File Counterclaims in BlockFi Bankruptcy Case, Judge Rules BlockFi filed for bankruptcy in late November last year, in part because of the ripple effects of the sudden collapse of FTX, which triggered an automatic stay that halted proceedings between the two. By Jamie Crawley Nov 14, 2023 at 3:20 p.m. BlockFi CEO Zac Prince (right) (Danny Nelson/CoinDesk) 10 Years of Decentralizing the Future May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now A U.S. judge ordered the end of an automatic stay on proceedings between bankrupt crypto firms FTX and BlockFi, meaning the two can start negotiating a claims settlement. BlockFi, a lender, filed for bankruptcy in late November last year, in part because of the ripple effects of the sudden collapse of FTX earlier that month. That triggered the automatic stay, halting proceedings between the two. BlockFi had an estimated $355 million frozen on the crypto exchange's platform and was owed a further $671 million by FTX's sister company, Alameda Research.

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Crypto Mining Power Unleashed: ANTMINER KS3 Hits the Market BITMAIN has just announced a limited-time spot sale for their ANTMINER KS3, a powerhouse in the realm of crypto mining. Boasting impressive specs of 9.4T and 3500W at an efficiency of 372J/T, this model promises to elevate mining capabilities to new heights. Starting November 13 at 9:00 PM EST, each unit will be sold for just $1,799 per terahash after applying coupons, marking a significant opportunity for enthusiasts and professional miners alike, according to BITMAINtech. The sale terms are as intriguing as the device itself. Buyers are limited to 50 units per purchase through the BITMAIN official website, indicating the company's intent to cater to both individual and professional market segments. For those seeking to place bulk orders, BITMAIN has opened lines of communication for personalized service. With such an enticing offer on the table, the race is on for crypto miners to secure their units. The message is clear: speed is of the essence in this high-stakes #DOYR

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