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 Cryptocurrencies flash mixed signals as market participants digest the details of CZ’s guilty plea and the DOJ’s $4.3 billion settlement with Binance.
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<div class="cointelegraph">
 Crypto markets were subjected to a heavy dose of volatility on Nov. 21 as the United States Department of Justice (DOJ), Commodity Futures Trading Commission (CFTC) and U.S. Treasury announced a $4.3-billion settlement with Binance and that former Binance CEO Changpeng Zhao will plead guilty to one felony charge as part of a settlement over criminal and civil cases with the cryptocurrency exchange.&nbsp;
 United States Attorney General Merrick Garland announced that the DOJ reached a $4.3 billion resolution with Binance and CZ. The agreement required CZ to plead guilty to willfully violating the Bank Secrecy Act.
 In addition to the financial penalties, Garland stated,
 <blockquote>
 “Moving forward, Binance must file the suspicious activity reports that were required by law. The company is required to review past transactions and report suspicious activity to federal authorities. This will advance our criminal investigations into malicious cyber activity and terrorism fundraising, including the use of cryptocurrency exchanges to support groups such as Hamas.”
 </blockquote>
 At the time of publishing, price <a rel="noopener noreferrer nofollow" title="action" href="https://thebittimes.com/tag/action.html">action</a> within the crypto <a rel="noopener noreferrer nofollow" title="market" href="https://thebittimes.com/tag/market.html">market</a> continues to fluctuate, with Bitcoin (BTC) registering a 1.79% loss as it trades near $36,700 and altcoins reflect a slight recovery from their intraday losses.
 <figure><img src="https://cdn.thebittimes.com/images/2023/11/22/4ee12a9279389e83b10e81831b776a2a.webp">
 <figcaption style="text-align: center;">Crypto market prices 1-hour timeframe. Source: Coin360
 </figcaption>
 </figure>
 The whipsaw price <a rel="noopener noreferrer nofollow" title="action" href="https://thebittimes.com/tag/action.html">action</a> within the <a rel="noopener noreferrer nofollow" title="market" href="https://thebittimes.com/tag/market.html">market</a> reflects <a rel="noopener noreferrer nofollow" title="market" href="https://thebittimes.com/tag/market.html">market</a> participants' attempt to <a rel="noopener noreferrer nofollow" title="digest" href="https://thebittimes.com/tag/digest.html">digest</a> the details of the Nov. 21 U.S. enforcement <a rel="noopener noreferrer nofollow" title="action" href="https://thebittimes.com/tag/action.html">action</a> a<a rel="noopener noreferrer nofollow" title="gains" href="https://thebittimes.com/tag/gains.html">gains</a>t the cryptocurrency industry.
 While the crypto market doesn’t have an opening bell like Wall Street, market participants and traders were broadly aware of the settlement, and prices had already reacted before the press conference by Garland, with Binance Coin (BNB) whipsawing to a 5-month high before retracing the majority of its gains and before the press conference even occurred.
 Related: BNB price pops, then drops, following news of DOJ-Binance settlement
 Despite the negative news regarding Binance, the exchanges’ users are not rushing to exit the platform or from centralized exchanges in general. According to Glassnode, the net Bitcoin position change on Binance is far below January and July numbers.
 <figure><img src="https://cdn.thebittimes.com/images/2023/11/22/4dfec0b1c6fcc5e3dd0e759e0e2d216e.webp">
 <figcaption style="text-align: center;">Binance Bitcoin net flow. Source: Glassnode
 </figcaption>
 </figure>
 Despite the negative reporting, the crypto community is cheering on the decision as closing a chapter and hopeful that the entire industry can move forward in a positive manner.
 <blockquote class="twitter-tweet">
 Binance derisking is one of the biggest catalysts we could have in crypto. + Crypto is a "real" industry post $4 billion settlement + CZ takes a long-needed Miami vacation a la Arthur + Market rips higher, ETFs approved in Jan + GOP wins 2024 election, crypto laws passed CZ— Ryan Selkis (d/acc) (@twobitidiot) November 21, 2023
 </blockquote>
 Binance exchange, which named Richard Teng CEO on Nov. 21 following CZ’s resignation, reiterated the crypto community sentiment on moving forward.
 <blockquote class="twitter-tweet">
 We’re pleased to share we’ve reached resolution with several US agencies related to their investigations. This allows us to turn the page on a challenging yet transformative chapter of learning that has helped us become stronger, safer, and an even more secure platform.— Binance (@binance) November 21, 2023
 </blockquote>
 This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/crypto-markets-mixed-as-traders-digest-doj-action-against-binance-cz-tbt71149.html">https://thebittimes.com/crypto-markets-mixed-as-traders-digest-doj-action-against-binance-cz-tbt71149.html</a>

Crypto markets mixed as traders digest DOJ action against Binance, CZ

TheBitTimes

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