The Fall of Binance’s CZ
Hey folks.
Well it's something impressive to see building a company from $15 million initial coin offering to $60 billion empire. This is what exactly Changpeng Zhao has done with Binance since he founded the platform back in 2017 before he resigned on November 21 as part of settlement with the United States Department of Justice (DoJ).
However, Changpeng Zhao isn't just the brain behind the largest crypto exchange Binance, but he might be the most significant player in the whole game of crypto. As such the downfall of Changpeng Zhao represents more than just a personal setback its said to be another blow to the credibility and global image of crypto industry.
In this week's crypto crackdown, the United States also targeted the crypto exchange Kraken. The exchange was sued by US Securities and Exchange Commission alleging the platform failed to register as securities exchange, broker, dealer and clearing agency.
SEC alleging Kraken also commingled customer funds. The same accusations were also brought against the crypto exchange Coinbase and Binance in June.
The recent setback occurred in spite of Kraken and the regulator having reached a $30 million settlement in February, which reportedly wasn't sufficient to appease the regulator.
The recent roller-coaster is said to be revealing one thing about the crypto industry: the industry is undergoing a period of change.
Lets see where will these recent developments lead the crypto industry to. I believe things might get a bit clearer in terms of regulations in the crypto world which I hope is going to help the industry in the longer run in shape of mass adoption. But yeah, we still don't know if it could be the other way round.
Hive: @haveyoursay
X: www.x.com/newsintercept
Website: www.newsintercept.com
Posted Using InLeo Alpha
Ever since FTX fell off, no one is too big to fall in crypto