Richard

Bank AI

Coin

<img width="1200" height="900" src="https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/07143603/ambcrypto_Prompt_A_courtroom_scene_with_a_stern_judge_seated_at_9e623174-f4de-43b4-8d0a-081710ade0aa-1.png" class="attachment-full size-full wp-post-image" alt="Binance drama: Chanpeng Zhao's guilty plea accepted by Judge" loading="lazy" style="float:left; margin:0 15px 15px 0;" srcset="https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/07143603/ambcrypto_Prompt_A_courtroom_scene_with_a_stern_judge_seated_at_9e623174-f4de-43b4-8d0a-081710ade0aa-1.png 1200w, https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/07143603/ambcrypto_Prompt_A_courtroom_scene_with_a_stern_judge_seated_at_9e623174-f4de-43b4-8d0a-081710ade0aa-1-300x225.png 300w, https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/07143603/ambcrypto_Prompt_A_courtroom_scene_with_a_stern_judge_seated_at_9e623174-f4de-43b4-8d0a-081710ade0aa-1-1024x768.png 1024w, https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/07143603/ambcrypto_Prompt_A_courtroom_scene_with_a_stern_judge_seated_at_9e623174-f4de-43b4-8d0a-081710ade0aa-1-768x576.png 768w" sizes="(max-width: 1200px) 100vw, 1200px">
<ul>
 <li>Judge accepted CZ’s guilty plea for Bank Secrecy Act violations.</li>
 <li>BNB funding rate remained positive.</li>
</ul>
The <a href="https://eng.ambcrypto.com/search/binance" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Binance [BNB]</a> controversy continues, and there has been a recent update involving its former CEO Chanpeng Zhao.
<h4>Guilty plea accepted</h4>
Numerous reports and a recently <a href="https://pacer.login.uscourts.gov/csologin/login.jsf?pscCourtId=WAWDC&amp;appurl=https://ecf.wawd.uscourts.gov/doc1/197110983819" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">reviewed court document</a> confirm that the former CEO of <a href="https://eng.ambcrypto.com/how-binance-looks-well-positioned-to-navigate-post-zhao-era/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Binance</a>, Chanpeng Zhao, has had his guilty plea accepted. 
In a filing dated 6th December to a Seattle District Court, Judge Richard Jones acknowledged Zhao’s guilty plea related to one count of Bank Secrecy Act violations. 
<div id="attachment_81308" style="width: 100%" class="wp-caption aligncenter"><a href="https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/07141737/e088cff5-0504-449f-97c3-34ba0ae28dd7.webp" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-81308" loading="lazy" class="size-full wp-image-81308" src="https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/07141737/e088cff5-0504-449f-97c3-34ba0ae28dd7.webp" alt="CZ's guilty plea" width="744" height="708" srcset="https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/07141737/e088cff5-0504-449f-97c3-34ba0ae28dd7.webp 744w, https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/07141737/e088cff5-0504-449f-97c3-34ba0ae28dd7-300x285.webp 300w" sizes="(max-width: 744px) 100vw, 744px"></a>
 Source: Pacer
</div>
The plea was submitted several weeks ago, coinciding with Binance’s $4.3 billion settlement with U.S. agencies. This also led to Zhao stepping down as CEO and agreeing to pay $150 million to regulators as part of the settlement terms.&nbsp;
Also, sentencing is set for the 23rd of February, 2024. While Zhao has been released on bond pending sentencing, prosecutors seek to enforce his presence in the U.S. until the sentencing date. 
The previous revelation about Zhao and <a href="https://eng.ambcrypto.com/questions-about-binances-future-emerge-amid-czs-departure-as-chair/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Binance</a> triggered a significant decline in the value of BNB.
<h4>Reaction from the Binance Coin?</h4>
Upon initial examination of the daily timeframe chart for <a href="https://eng.ambcrypto.com/heres-a-look-at-the-binance-ecosystem-following-its-indictment/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Binance</a> Coin (BNB), there appears to be no significant reaction. 
In contrast to the 10.8% decline witnessed around 21st November, the current trajectory looked like a standard market trend. 
As of the close of trading on 6th December, <a href="https://eng.ambcrypto.com/bnb-chain-struggles-post-czs-departure-what-now/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">BNB</a> declined by less than 1%, settling at around $229. At the time of this writing, it showed a modest increase of over 1%, trading at around $232.&nbsp;
<div id="attachment_81310" style="width: 100%" class="wp-caption aligncenter"><a href="https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/07142343/BNBUSD_2023-12-07_08-56-25.png" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-81310" loading="lazy" class="size-full wp-image-81310" src="https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/07142343/BNBUSD_2023-12-07_08-56-25.png" alt="Binance BNB price trend" width="1491" height="752" srcset="https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/07142343/BNBUSD_2023-12-07_08-56-25.png 1491w, https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/07142343/BNBUSD_2023-12-07_08-56-25-300x151.png 300w, https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/07142343/BNBUSD_2023-12-07_08-56-25-1024x516.png 1024w, https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/07142343/BNBUSD_2023-12-07_08-56-25-768x387.png 768w" sizes="(max-width: 1491px) 100vw, 1491px"></a>
 Source: TradingView
</div>
Although it has yet to recover the $250 price range, BNB has consistently held within the $200 price range. 
The observed trend suggests that the recent development has not substantially impacted the price trajectory. However, the potential impact of the sentencing hearing on the flow of BNB remains uncertain.
<h4>Binane traders stay optimistic</h4>
A Binance <a href="https://eng.ambcrypto.com/bnb-fails-to-breach-240-heres-where-the-coin-might-head-next/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">BNB</a> funding rate review on <a href="https://www.coinglass.com/currencies/BNB" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">Coinglass</a> showed a prevailing positive sentiment towards the asset. 
The funding rate has consistently maintained a positive trend, reaching one of its highest points in recent months at 0.04%. As of this writing, it was around 0.01%.&nbsp;
&nbsp;Read <a href="https://ambcrypto.com/predictions/binancecoin-price-prediction" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Binance Coin (BNB) Price Prediction</a> 2023-24
The sustained positive state and trend of the funding rate suggest that traders hold an optimistic outlook, believing that the price of BNB may continue to rise. 
This sentiment may stem from the expectation that BNB will recover the price range it had before the developments related to Zhao.
The post <a rel="noopener noreferrer nofollow" href="https://eng.ambcrypto.com/binance-heres-how-bnb-reacted-to-czs-guilty-plea/" data-wpel-link="internal" target="_self">Binance: Here’s how BNB reacted to CZ’s guilty plea</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://eng.ambcrypto.com" data-wpel-link="internal" target="_self">AMBCrypto</a>.

Binance: Here’s how BNB reacted to CZ’s guilty plea

AMBCrypto

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