Bnb Drop After Binance Ceo Pleads Guilty

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Bnb Drop After Binance Ceo Pleads Guilty

BNB And Bitcoin Drop After Binance CEO Pleads Guilty

The latest update from the crypto market is here & it is not good at all. According to media outlets, the CEO of Binance has officially resigned from his role & has also pleaded guilty to the DOJ charges.

After the news, several cryptocurrencies, such as the BNB and Bitcoin (BTC), lost their value. Especially the native token of Binance, known as the BNB, has lost 11% of its value today.

The reports suggest that a $4 billion fine will be imposed on Binance as the company failed to uphold the anti-money laundering laws.

Bitcoin Down By 5%, ETH Down By 4.5%

The news also caused Bitcoin to drop 5% and was last seen near $35,714. The sudden news has also caused Bitcoin to reverse most of its gains in the last few weeks. Similarly, Ethereum (ETH) is also down by 4.5%, which suggests that the shockwaves have spread through the entire market.

On Tuesday, Binance's CEO pleaded guilty to the charges in a US-based court and also announced that he will be stepping down from his role. The person who will be replacing the CZ as the Binance CEO is supposedly 'Richard Teng,' who currently oversees the regional markets of Binance.

The details also suggest that CZ will be facing a personal fine worth $50 million & will be banned from any sort of involvement with the crypto exchange Binance. In fact, many analysts believe that CZ might even face considerable prison time as well.

According to experts, the recent settlement isn't good for the credibility of the market, which is already facing multiple headwinds. Recently, the FTX founder was also found to be guilty of several financial crimes, which tells us that the crypto market is going through hard times.

If we look at the last few years, the crypto industry has gone through a lot of difficult times. In fact, several big-name crypto firms filed for bankruptcy, which also impacted the crypto market as a whole.

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