WSJ reports CZ stepping down as BNB token whipsaws with Binance near DOJ settlement deal

Binance CEO Changpeng Zhao has reportedly pled blameworthy to violating U.S. anti-money laundering requirements and volition measurement down from his relation astatine the exchange, according to the Wall Street Journal.

Reports are surfacing that Binance volition besides plead blameworthy to wealth laundering violations, and CZ volition look successful Seattle tribunal today. As of property clip nary updates from the SEC person been filed with the courts related to the lawsuit against Binance.

BNB terms seesaws

The Binance-backed BNB token surged to a five-month peak, hitting astir $270, earlier rapidly tanking to $240 successful 30 minutes, according to CryptoSlate’s data.

The terms show follows reports of an impending colony announcement by the United States Department of Justice (DOJ) concerning the cryptocurrency speech today, Nov. 21.

According to a connection released earlier today, the U.S. authorities cardinal officials, including Attorney General Merrick Garland, Treasury Secretary Janet Yellen, Deputy Attorney General Lisa Monaco, and Commodity Futures Trading Commission (CFTC) Chair Rostin Behnam, are scheduled to code a property league aboriginal today.

The officials volition “announce abstracted but related cryptocurrency enforcement actions” astatine the conference, including a colony with Binance, Bloomberg reported.

In effect to the news, BNB’s terms soared to $269.92 connected the 1-hour candle, marking its highest level since June, coinciding with the Securities and Exchange Commission’s (SEC) ineligible actions alleging national securities instrumentality violations from the Changpeng Zhao-led crypto company.

Despite the caller terms surge, BNB’s worth was 61% beneath its all-time precocious of $686 recorded during the crypto marketplace bull tally of 2021. The terms has since retraced.

On Nov. 20, CryptoSlate reported that the DOJ was aiming for a colony that could transcend $4 cardinal from Binance to resoluteness allegations of transgression activities, including wealth laundering, slope fraud, and sanctions violations. Additionally, the study hinted astatine the imaginable for CEO Changpeng ‘CZ’ Zhao to look transgression charges.

Binance is the largest crypto speech by trading volume, controlling much than 50% of the market, according to CCData.

However, FTX past year’s illness brought renewed attraction to the exchange, arsenic its regulatory struggles crossed aggregate jurisdictions, including the U.K., Nigeria, and respective European countries, came to the fore.

Blockchain analytical Kaiko noted that these developments had impacted the firm’s mean regular commercialized volume, falling beneath $10 cardinal regular passim the past year.

Binance did not instantly respond to CryptoSlate’s petition for comment.

The station WSJ reports CZ stepping down arsenic BNB token whipsaws with Binance adjacent DOJ colony deal appeared archetypal connected CryptoSlate.