Shift

United

Bitcoin

Spot

The post <a href="https://coinpedia.org/news/cftc-settlement-signals-positive-shift-for-binance-and-crypto-industry-reports/">CFTC Settlement Signals Positive Shift for Binance and Crypto Industry: Reports</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a> 
The recent settlement between the Commodity Futures Trading Commission (CFTC) and Binance’s CEO <a href="https://app.coinpedia.org/cz_binance" target="_blank" class="profile-details">changpeng zhao</a> <img decoding="async" src="https://image.coinpedia.org/wp-content/uploads/2022/11/10122626/info_icon.svg" alt="information" class="info-icons"> <a href="https://app.coinpedia.org/cz_binance" target="_blank"><img decoding="async" src="https://image.coinpedia.org/wp-content/uploads/2022/11/09190601/link.svg"></a> <img decoding="async" src="https://image.coinpedia.org/app_uploads/profile/1649327642152kgljvninim.png" class="user_profile_img"> changpeng zhao founder and ceo at Binance Changpeng Zhao is the Founder and Chief Executive Officer at Binance.His contribution to the enhancement of Binance made the platform world’s largest cryptocurrency exchange since its inception in 2017. Zhao launched the blockchain network Binance Smart Chain which has made a remarkable contribution to the development of the decentralized finance ecosystem. Whereas in 2019, he launched Binance’s US affiliate, Binance.US. &nbsp; He is commonly known as CZ, a Chinese-Canadian Business Executive who has been ranked 113th richest in the globe as of 2022. In the past, he founded Fusion Systems, a trading system for brokers famous for some of the fastest high-frequency trading systems for brokers. Zhao has served as a member of the team that developed Blockchain.info and played the role of Chief Technology Officer of OKCoin, a secure cryptocurrency exchange platform for Bitcoin, Ethereum, Dogecoin, and other crypto assets. EntrepreneurInvestorChief Executive Officer <a href="https://www.linkedin.com/in/cpzhao" target="_blank"><img decoding="async" src="https://image.coinpedia.org/wp-content/uploads/2022/11/09190603/li.svg"></a> <a href="https://twitter.com/cz_binance?ref_src=twsrc%5egoogle%7ctwcamp%5eserp%7ctwgr%5eauthor" target="_blank"><img decoding="async" src="https://image.coinpedia.org/wp-content/uploads/2022/11/09190602/tw.svg"></a> <a href="https://www.youtube.com/watch?v=-1d3arvu0gg" target="_blank"><img decoding="async" src="https://image.coinpedia.org/wp-content/uploads/2022/11/10153100/yt.svg"></a> <a href="https://www.instagram.com/changpengzhao/?hl=en" target="_blank"><img decoding="async" src="https://image.coinpedia.org/wp-content/uploads/2022/11/09190603/in.svg"></a> (CZ) is being hailed as a “very favorable outcome” for the cryptocurrency exchange and its founder by Matrixport analyst Markus Thielen. CZ has agreed to pay a $10 million fine and step down as CEO of Binance. US, while <a href="https://app.coinpedia.org/company/binance" target="_blank" class="profile-details">binance</a> <img decoding="async" src="https://image.coinpedia.org/wp-content/uploads/2022/11/10122626/info_icon.svg" alt="information" class="info-icons"> <a href="https://app.coinpedia.org/company/binance" target="_blank"><img decoding="async" src="https://image.coinpedia.org/wp-content/uploads/2022/11/09190601/link.svg"></a> <a href="https://www.binance.com/" target="_blank"> <img decoding="async" src="https://image.coinpedia.org/app_uploads/profile/1664610315244lexyqsklms.png" class="company_logo_img" target="_blank"></a> binance binance@miceneurol.com Centralised Exchange <a href="https://www.binance.com/" target="_blank"><img decoding="async" src="https://image.coinpedia.org/wp-content/uploads/2022/11/10161442/globe.svg"></a> <a href="https://www.linkedin.com/company/binance" target="_blank"><img decoding="async" src="https://image.coinpedia.org/wp-content/uploads/2022/11/09190603/li.svg"></a> <a href="https://twitter.com/binance" target="_blank"><img decoding="async" src="https://image.coinpedia.org/wp-content/uploads/2022/11/09190602/tw.svg"></a> <a href="https://www.youtube.com/binanceyoutube" target="_blank"><img decoding="async" src="https://image.coinpedia.org/wp-content/uploads/2022/11/10153100/yt.svg"></a> <a href="https://www.instagram.com/binance/" target="_blank"><img decoding="async" src="https://image.coinpedia.org/wp-content/uploads/2022/11/09190603/in.svg"></a> <a href="https://medium.com/@Binance" target="_blank"><img decoding="async" src="https://image.coinpedia.org/wp-content/uploads/2022/11/10153100/me.svg"></a> <a href="https://www.reddit.com/r/binance" target="_blank"><img decoding="async" src="https://image.coinpedia.org/wp-content/uploads/2022/11/10153059/rd.svg"></a> &nbsp; will pay a $50 million penalty and implement a series of compliance measures. 
In a research note, Thielen <a href="https://www.matrixport.com/institutions/research/daily-insights/771">explained</a> that the penalty is lower than the previously feared $10 billion and that CZ’s resignation is a symbolic gesture. He added that the settlement is a positive sign for the cryptocurrency industry, as it shows that regulators are willing to work with companies to resolve issues. 
<h2 class="wp-block-heading" id="h-settlement-paves-way-for-spot-bitcoin-etfs-in-the-united-states">Settlement Paves Way for Spot Bitcoin ETFs in the United States</h2> 
Thielen also noted that the settlement will likely strengthen Binance’s position as one of the top three cryptocurrency exchanges in the world. He explained that the fine is a small percentage of Binance’s annual revenue, which is estimated to be around $2 billion, and that the company’s user base and trading volumes are not expected to be significantly affected. 
The analyst also predicted that the settlement will lead to more exchanges strengthening their compliance and becoming part of the monitoring sharing agreement, which is a voluntary program for exchanges to share information about suspicious activity. This, in turn, will facilitate the approval of spot Bitcoin ETFs in the United States, as regulators will have access to more data to help them make informed decisions. 
The CFTC’s settlement with Binance’s CEO and the exchange is being viewed as a positive development for the cryptocurrency industry, as it signals that regulators are willing to work with companies to address compliance issues.

CFTC Settlement Signals Positive Shift for Binance and Crypto Industry: Reports

Table of Contents

CoinPedia News

Other articles published on Nov 22, 2023

7 Best Ethereum Casinos

Cult DAO (CULT) Price Prediction 2024, 2025, 2030, 2040, and 2050

Will Binance Maintain Its Dominance in Bitcoin and Crypto Markets After the Crisis?

Shibarium Transactions Spike 288%, But Why Is Shiba Inu Price Down Today?

Vitalik Buterin’s Latest Guide to L2 Blockchains

BNB Plummets 10% Amid Binance’s $4.3 Billion Settlement And CEO’s Impending Resignation

Join our free newsletter for daily crypto updates!