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 Many on Twitter compared the Binance settlement with the U.S. Department of Justice to the deal with BitMEX crypto exchange, whose then-CEO was also forced to step down.
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 The crypto community on social media has greeted the news of the deal between Binance, CZ and the United States Department of Justice (DOJ) mostly positively, hoping it removes one of the last remaining obstacles before the long-awaited approval of a spot Bitcoin ETF.
 The $4.3 billion settlement between the U.S. and the world’s largest crypto exchange, Binance, for violating U.S. anti-money laundering laws includes a plea deal whereby the former CEO Changpeng “CZ” Zhao, has agreed to step down as the CEO of the exchange.
 The news of the deal and CEO's departure led to a market correction that saw some $175 million worth of leveraged crypto positions liquidated, while close to $1 billion in crypto assets flowed out of the crypto exchange.
 <blockquote class="twitter-tweet">
 Over 1 billion dollars of outflows out of @Binance in the last 24 hours pic.twitter.com/nNMa10gtfg— Pledditor (@Pledditor) November 22, 2023
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 Apart from a slight market correction, most in the <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> <a rel="noopener noreferrer nofollow" title="community" href="https://thebittimes.com/tag/community.html">community</a> saw the <a rel="noopener noreferrer nofollow" title="settle" href="https://thebittimes.com/tag/settle.html">settle</a>ment with the DOJ and the plea deal for CZ as a big win for the exchange and the <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> industry. Many critics had previously claimed that the U.S.’s pursuit of Binance would end the <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> exchange’s rein.
 <blockquote class="twitter-tweet">
 This is the greatest victory of CZ's life. Absolute 3D chessmaster. From day 1, the DOJ &amp; SEC have always been Binance's biggest risk. CZ's greatest threat. The dragon on the horizon. Now, after years of uncertainty, the DOJ has finally been neutralized. The dragon is slayed.…— Cole Garner (@ColeGarnersTake) November 22, 2023
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 Many others called Binance’s <a rel="noopener noreferrer nofollow" title="settle" href="https://thebittimes.com/tag/settle.html">settle</a>ment with the DOJ the last step before the U.S. Securities and Exchange Commission approves&nbsp;a Bitcoin exchange-traded fund (ETF). On the whole, the <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> <a rel="noopener noreferrer nofollow" title="community" href="https://thebittimes.com/tag/community.html">community</a> sees the deal as a win-win scenario for the <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> ecosystem and a <a rel="noopener noreferrer nofollow" title="bullish" href="https://thebittimes.com/tag/bullish.html">bullish</a> catalyst for the next bull run.
 <blockquote class="twitter-tweet">
 Sweet baby Jesus this is bullish! Binance settling with the DOJ removes the bearish scenario. I think the Bitcoin Spot ETF approvals are around the corner. When we start pumping and euphoria returns, don't forget to take profits! https://t.co/LCokdV7Y7E— Tony Edward (Thinking Crypto Podcast) (@ThinkingCrypto1) November 21, 2023
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 Not everyone in the crypto community was as bullish on the Binance-DOJ settlement. Some commented that the crypto community is still awaiting the action from the Securities and Exchange Commission and that the SEC is likely to be a harder battle, as it refuses to settle with Binance along with other agencies.
 <blockquote class="twitter-tweet">
 Seeing a ton of bull posts on my timeline. I don't think people understand the situation... It's obvious that Binance would settle &amp; pay a large fine. But this doesn't mean it's all sunshine going forward. Remember that SEC / DOJ had all firepower focused on Binance, now that… pic.twitter.com/cgpDElDqRR— ImNotTheWolf (@ImNotTheWolf) November 22, 2023
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 However, the SEC lawsuit is a civil one, and analysts believe that the DOJ settlement means that Binance and the crypto industry have removed the biggest obstacle to the launch of a bull market.
 A few others compared Binance’s <a rel="noopener noreferrer nofollow" title="settle" href="https://thebittimes.com/tag/settle.html">settle</a>ment to the BitMEX exchange <a rel="noopener noreferrer nofollow" title="settle" href="https://thebittimes.com/tag/settle.html">settle</a>ment, in which the then-CEO Arthur Hayes pleaded guilty to violating anti-money-laundering laws and stepped down as the CEO. He was later sentenced to two years probation, avoiding a possible prison term of six to 12 months.
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Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/binance-cz-settlement-with-us-doj-bullish-for-bitcoin-etf-crypto-community-says-tbt71191.html">https://thebittimes.com/binance-cz-settlement-with-us-doj-bullish-for-bitcoin-etf-crypto-community-says-tbt71191.html</a>

Binance, CZ settlement with US DOJ 'bullish for Bitcoin ETF,' crypto community says

TheBitTimes

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