In a move that is sending shockwaves through the cryptocurrency community, Binance, the world’s leading crypto exchange, has announced the delisting of 10 major trading pairs, a decision directly tied to its stablecoin BUSD. This decision is part of a larger trend of delistings in 2023, prompting speculation about Binance’s mounting legal challenges.
related: Binance CEO CZ to Step Down and Plead Guilty in Anti-Money Laundering Case
The affected trading pairs include notable cryptocurrencies such as Aptos (APT), Axie Infinity (AXS), Filecoin (FILUSD), and others. Binance users are advised to take note of these changes as the exchange undergoes a significant transformation.
However, the delisting news is not the only bombshell. In a surprising turn of events, Changpeng Zhao, widely known as CZ and the founder of Binance, has announced his resignation from his role. This decision is part of a comprehensive settlement with the U.S. Department of Justice, marking the resolution of criminal charges against Binance.
related: Binance to Exit US Market by Paying $7.1 Billion to US Authorities
In a tweet on November 21, 2023, Binance stated, “We’re pleased to share we’ve reached a resolution with several US agencies related to their investigations. This allows us to turn the page on a challenging yet transformative chapter of learning that has helped us become stronger, safer, and an even more secure platform.”
CZ has pled guilty to charges related to operating an unlicensed money transfer business, conspiracy, and violating restrictions, resulting in a substantial fine of $4.3 billion for Binance. Despite stepping down from his management role, CZ will retain his controlling stake in the company. Additionally, he personally faces a $50 million fine.
As part of the agreement with the Financial Crimes Enforcement Network (FinCEN), Binance will undergo a “full exit” from the United States, with a five-year watchdog appointed to oversee compliance with restrictions. During this period, the U.S. Treasury Department will have unfettered access to Binance’s data and systems.
related: CZ Released on $175 Million Bond: Facing U.S. Sentencing and Possibility Return to Dubai
The sentencing for CZ is scheduled for Feb. 23, with anticipated delays. If convicted, he could face up to 18 months in prison. Reflecting on the developments, Zhao expressed a desire to “take responsibility and close this chapter in my life.”
The cryptocurrency industry is closely watching these developments, as Binance’s actions and the legal repercussions may have lasting implications on the broader market. As one of the most prominent figures in the crypto space steps aside amid regulatory challenges, the community awaits to see how this transformative chapter will reshape the future of Binance and the cryptocurrency landscape as a whole.