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 <p class="paragraph">After the news of the <a rel="noopener noreferrer nofollow" title="settlement" href="https://thebittimes.com/tag/settlement.html">settlement</a> reached by crypto exchange Binance with U.S. prosecutors on Tuesday, November 21, JPMorgan analyst Nikolaos Panigirtzoglou shared his view on the agreement as a positive development for its business and the broader cryptocurrency sector.</p>
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  <p class="paragraph">“We see the prospect of <a rel="noopener noreferrer nofollow" title="settlement" href="https://thebittimes.com/tag/settlement.html">settlement</a> as positive as uncertainty around Binance itself would subside, and its trading and BNB Smart Chain business would benefit. For crypto investors, the prospect of <a rel="noopener noreferrer nofollow" title="settlement" href="https://thebittimes.com/tag/settlement.html">settlement</a> would see the elimination of a potential systemic risk emanating from a hypothetical Binance <a rel="noopener noreferrer nofollow" title="collapse" href="https://thebittimes.com/tag/collapse.html">collapse</a>.” As per Panigirtzoglou’s comments to <em>the Block</em> on November 22.</p>
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 <p class="paragraph">In a far-reaching <a rel="noopener noreferrer nofollow" title="settlement" href="https://thebittimes.com/tag/settlement.html">settlement</a> with U.S. agencies on Tuesday, November 21, Binance and its co-founder Changpeng Zhao “CZ” plead guilty to charges of anti-money laundering and U.S. sanctions violations. Binance committed to a payment of $4.3 billion, marking one of the largest corporate <a rel="noopener noreferrer nofollow" title="settlement" href="https://thebittimes.com/tag/settlement.html">settlement</a>s in U.S. history.</p>
 <p class="paragraph">Zhao will pay a $50 million fine and step down as CEO as part of the agreement. This resolution, involving the Justice Department, Treasury Department, and the Commodity Futures Trading Commission, ended a lengthy investigation into the exchange.</p>
 <h2 class="wp-block-heading" id="h-what-is-next-for-binance">What is next for Binance?</h2>
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       <h3 class="font-bold leading-6 " id="1-2-billion-worth-of-crypto-left-binance-in-the-last-24-hours">$1.2 billion worth of crypto left Binance in the last 24 hours</h3>
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       <h3 class="font-bold leading-6 " id="one-of-bloodiest-days-of-2023-for-crypto-as-fud-prevails">One of ‘bloodiest days of 2023’ for crypto as FUD prevails</h3>
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       <h3 class="font-bold leading-6 " id="ftx-token-skyrockets-over-40-as-binance-faces-legal-battle">FTX Token skyrockets over 40% as Binance faces legal battle</h3>
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       <h3 class="font-bold leading-6 " id="here-s-how-much-bnb-is-down-after-cz-resigns-as-binance-ceo">Here’s how much BNB is down after CZ resigns as Binance CEO</h3>
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 <p class="paragraph">After he resigned from his position as CEO of Binance, Zhao released an internal memo in which he wrote:</p>
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  <p class="paragraph">“Binance will be fine. I will have to deal with some pain, but will survive. We will get through, although with some changes in structure. It might not be a bad thing when we look back in a few years time.”</p>
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 <figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="792" src="https://cdn.thebittimes.com/images/2023/11/22/5889f8c7e7f80182989157e6d0a1ab1f.webp" alt="Zhao’s internal memo to Binance employees. Source: Wu Blockchain
" class="wp-image-138886" srcset="https://cdn.thebittimes.com/images/2023/11/22/5889f8c7e7f80182989157e6d0a1ab1f.webp 1024w, https://cdn.thebittimes.com/images/2023/11/22/5889f8c7e7f80182989157e6d0a1ab1f.webp 300w, https://cdn.thebittimes.com/images/2023/11/22/5889f8c7e7f80182989157e6d0a1ab1f.webp 768w, https://cdn.thebittimes.com/images/2023/11/22/5889f8c7e7f80182989157e6d0a1ab1f.webp 1280w" sizes="(max-width: 1024px) 100vw, 1024px">
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   Zhao’s internal memo to Binance employees. Source: Wu Blockchain
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 <p class="paragraph">In light of the <a rel="noopener noreferrer nofollow" title="settlement" href="https://thebittimes.com/tag/settlement.html">settlement</a> announcement, Binance has experienced outflows exceeding $1 billion in the last 24 hours, contrasting with some competing exchanges.</p>
 <p class="paragraph">Additionally, Binance’s native token, BNB, has declined by nearly 9% in the past 24 hours, trading at approximately $233.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/jpmorgan-says-binance-settlement-helps-avoid-risk-of-collapse-tbt71252.html">https://thebittimes.com/jpmorgan-says-binance-settlement-helps-avoid-risk-of-collapse-tbt71252.html</a></p>

JPMorgan says Binance settlement helps avoid risk of collapse

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