Bitcoin ETF

In a shocking turn of events, Binance CEO Changpeng Zhao has agreed to step down from the crypto exchange and has plead guilty to “violating US anti-money laundering requirements.” 
The news is currently being priced into the crypto market, leading to extreme volatility in Bitcoin and altcoins, plus a lot of chatter on social media. Let’s take a closer look at how the market and speculators are reacting so far. 
<h2 id="cz-to-step-down-pleads-guilty-company-charged-4b-in-fines">CZ To Step Down, Pleads Guilty, Company Charged $4B In Fines</h2> 
Earlier today, the US Department of Justice revealed it would be announcing action against a cryptocurrency company. The most dominant cryptocurrency exchange, Binance, was the target of the enforcement action, and was ordered to pay $4.3 billion in fines. 
Binance CEO Changpeng “CZ” Zhao stepped down as a result, and plead guilt to US anti-money laundering charges. The crypto market sank in the earlier hours today in anticipation of the news. 
However, as soon as the Wall Street Journal <a href="https://www.wsj.com/finance/currencies/binance-ceo-changpeng-zhao-step-down-plead-guilty-01f72a40?mod=e2tw" target="_blank" rel="noopener nofollow">revealed</a> the information publicly, Bitcoin price bounced back and so did the altcoin market. Moments later, most of the upside price action was wiped out. Price as traded within roughly a 4% range today, but has traded across that several times since the news broke, highlighting powerful intraday volatility. 
<img loading="lazy" decoding="async" class="aligncenter wp-image-561856 size-large" src="https://www.newsbtc.com/wp-content/uploads/2023/11/BTCUSDT_2023-11-21_13-02-48.png?w=860&amp;resize=860%2C505" alt="Binance BTCUSDT" width="860" height="505" srcset="https://www.newsbtc.com/wp-content/uploads/2023/11/BTCUSDT_2023-11-21_13-02-48.png?w=4014 4014w, https://www.newsbtc.com/wp-content/uploads/2023/11/BTCUSDT_2023-11-21_13-02-48.png?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2023/11/BTCUSDT_2023-11-21_13-02-48.png?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2023/11/BTCUSDT_2023-11-21_13-02-48.png?w=860&amp;resize=860%2C505 860w, https://www.newsbtc.com/wp-content/uploads/2023/11/BTCUSDT_2023-11-21_13-02-48.png?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2023/11/BTCUSDT_2023-11-21_13-02-48.png?w=2048 2048w, https://www.newsbtc.com/wp-content/uploads/2023/11/BTCUSDT_2023-11-21_13-02-48.png?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2023/11/BTCUSDT_2023-11-21_13-02-48.png?w=1140 1140w, https://www.newsbtc.com/wp-content/uploads/2023/11/BTCUSDT_2023-11-21_13-02-48.png?w=3000 3000w" sizes="(max-width: 860px) 100vw, 860px" data-recalc-dims="1"> 
<h2 id="the-crypto-market-reacts-to-the-binance-news">The Crypto Market Reacts To The Binance News</h2> 
While the market tries to price in what just occurred, volatility will continue to ensue in the near term. On X (formerly Twitter), notable figures are speaking out in regards to CZ’s departure from Binance. 
On-chain analyst and market commentator Will Clemente <a href="https://twitter.com/WClementeIII/status/1727014385259098340" target="_blank" rel="noopener nofollow">points out</a> it is “just a matter of weeks until Bitcoin ETF approval now” with Binance out of the way. The company has long been cited as a key reason for the SEC remaining hesitant to pull the trigger on a spot BTC ETF application approval. 
Messari Crypto CEO Ryan Selkis <a href="https://twitter.com/twobitidiot/status/1727015806025040171" target="_blank" rel="noopener nofollow">calls it</a> one of the “biggest catalysts we could have in crypto” between ETFs, crypto-friendly legislation, and this $4 billion settlement helping crypto be viewed as a “real industry.” 
Economist Alex Kruger <a href="https://twitter.com/krugermacro/status/1727019508634980581" target="_blank" rel="noopener nofollow">reveals</a> that the settlement is ranked the 7th in financial compliance history, next to names like JP Morgan, Bank of America, Goldman Sachs, Wells Fargo, and several others.

Crypto Market Reacts: Binance CEO Changpeng Zhao Steps Down

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