Court approves settlement between US authorities & Binance

The settlement request between Binance & US DOJ was accepted by the court. 

Binance is a top-ranked digital assets trade platform. In 2017, this exchange was co-founded by Changpeng Zhao (CZ). In the initial phase of Binance growth, CZ prioritised only Binance’s growth & profit over compliance with rules & laws. In this related matter, Binance was sued by the US authorities (DOJ, SEC, & CFTC). CZ admitted that he allowed the American people to use the exchange against laws and further decided to resign from the CEO role as a part of the settlement.

On 7 Dec 2023, A court judge accepted & approved the settlement agreement between Binance, Binance CEO CZ with US DOJ. 

Now the whole thing is clear and in return, Binance will pay a $4.3 billion fine to the US authorities and CZ will face jail punishment for up to 18 months. 

With this settlement, CZ stopped all those long-term US investigations against Binance. But his plan to go to UAE to spend some time with family before jail punishment failed, as the court judge rejected his plea. 

US authorities believe that there are high risk that CZ will not come back from UAE, and in that situation, US authorities will not be able to do anything to bring him back to the US as the US government has no treaty with UAE. 

Amid these legal developments with Binance, the trade price of Binance’s native Cryptocurrency Binance Coin (BNB) is struggling badly. 

Over the past couple of months, the trade price of the top 100 cryptocurrencies surged rapidly but it was only the BNB coin which failed to show any rally. 

The current trade price of the BNB coin is $229 & this trade price is down in almost every time period, as we can see in the below graph.

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