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<p>In a stunning turn of events, the cryptocurrency market witnessed a seismic shake-up, marked by the liquidation of over $225 million worth of positions within a 24-hour timeframe. The upheaval coincided with the announcement of Changpeng Zhao’s departure from the role of CEO at Binance, the world’s largest cryptocurrency exchange.</p>
<p>As the leader of <a href="https://www.cryptopolitan.com/cz-pleads-guilty-resigns-as-binance-ceo/" rel="noopener noreferrer nofollow">Binance</a> Changpeng Zhao, commonly known as CZ, opted to step down from his position, revealing that the decision followed a legal settlement. In a candid tweet, CZ expressed the emotional difficulty of the choice but emphasized its necessity for the community, the exchange, and himself. This unexpected leadership shift introduces a layer of uncertainty to the cryptocurrency ecosystem.</p>
<h2 class="wp-block-heading" id="180m-in-long-positions-liquidated-in-binance">$180M in long positions liquidated in Binance</h2>
<p>Coinglass<a href="https://www.coinglass.com/LiquidationData" rel="noopener noreferrer nofollow" target="_blank"> data </a>disclosed that a substantial portion of the liquidations, exceeding $180 million, originated from traders with long positions – those anticipating price rises. Binance emerged as the epicenter of this financial turbulence, with approximately $98 million in trades liquidated on the platform alone.&nbsp;</p>
<p>Bitcoin and Ethereum bore the brunt of the impact, facing $50 million and $20 million in long liquidations, respectively. Even Binance’s native token, BNB, and the meme-famed Dogecoin were not immune, witnessing significant losses.</p>
<h2 class="wp-block-heading" id="binance-s-withdrawal-surge-566-8m-moved-off">Binance’s withdrawal surge: $566.8M moved off</h2>
<p>Concurrently, Binance recorded a remarkable withdrawal surge, with a staggering $566.8 million being moved off the platform, according to DefiLlama’s reports. This mass exodus prompts questions about investor confidence and the potential ramifications of CZ’s resignation on Binance’s user base.&nbsp;</p>
<p>The sheer magnitude of the withdrawal underscores the broader impact of leadership changes on one of the most influential players in the cryptocurrency exchange arena.</p>
<p>Beyond the broader market impact, specific cryptocurrencies faced notable losses, with Dogecoin, a favorite among meme-based investors, seeing over $4.77 million in long positions evaporate within the last 24 hours.&nbsp;</p>
<p>The aftermath of CZ’s resignation and the subsequent legal settlement raises questions about the resilience of the market and the potential repercussions for Binance’s reputation.</p>

$225 million in liquidations as Binance faces turmoil with CEO exit

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