Last night, the crypto world focused on the announcements that the US would make regarding Binance starting from 23:30. According to the statement made by the US Department of Justice, it was stated that Binance exhibited an approach focused on growth and profit instead of compliance with US laws. It was emphasized that Binance, which was launched in 2017, did not implement controls and procedures to prevent money laundering. Attention was drawn to the exchange’s policy of attracting customers with high volume, including the US. Let’s take a look at the statements and the price changes in Bitcoin and altcoins.
Statement from Yellen and Deputy Attorney General
옐런 의장과 법무부 차관의 성명
In her statement regarding Binance, Treasury Secretary Janet Yellen pointed out that the exchange facilitated the flow of funds to terrorist organizations such as ISIS, Al-Qaeda, and Hamas. Accordingly, Yellen emphasized that Binance is likely to face additional penalties in the future.
재닛 옐런(Janet Yellen) 재무장관은 바이낸스에 관한 성명에서 이 거래소가 ISIS, 알카에다, 하마스와 같은 테러 조직에 자금 흐름을 촉진했다고 지적했습니다. 이에 따라 옐런 의장은 바이낸스가 앞으로 추가 처벌을 받을 가능성이 높다고 강조했다.
Nicole M. Argentieri, Deputy Chief Prosecutor at the Department of Justice, stated in her statement that CZ focused on making Binance the world’s largest cryptocurrency exchange by targeting US customers and that CZ refused to comply with US laws. Argentieri emphasized that CZ threatened the US financial system and national security by intentionally violating anti-money laundering and sanction laws, and stated that CZ accepted the charges. She also stated clearly, “When you prioritize your profits over compliance with the law, you will be held accountable for the crimes you commit in the US.”
Statements from Behnam and Jim Lee
Behnam과 Jim Lee의 진술
Rostin Behnam, Chairman of the Commodity Futures Trading Commission (CFTC), stated in his statement that Binance’s activities harm the foundation of sound financial structures. Behnam emphasized that $1.35 billion was collected from US customers and that US customers are interested in cryptocurrency assets, therefore their duty is to protect customers and quickly address illegal behavior. He highlighted that CFTC will take a tough stance when organizations hinder access controls and hide customer identities.
Lastly, Jim Lee, Chief of the IRS-CI Criminal Investigation, stated in his statement that hundreds of millions of dollars in illegal income were obtained through Binance and that criminals transferred their money through Binance to hide and evade law enforcement. Lee also stated that platforms become a playground for bad actors when compliance-focused policies are not adopted.
Resignation of CEO During the Announcement
During the announcement, Binance CEO Changpeng Zhao announced his resignation. In a statement on his page, Zhao stated that he resigned from his position and emphasized that Richard Teng, who has 30 years of experience, will take his place. Zhao also announced what he will do in the future. According to him, he will now be a shareholder with historical knowledge of Binance and can provide consulting services as a former CEO when necessary.
Regarding his future plans, Zhao stated, “I will probably make some passive investments. I will be a shareholder in ventures in the fields of Blockchain/Web3/DeFi, artificial intelligence, and biotechnology. I am happy because I will have more time to dedicate to DeFi.”
Bitcoin and Altcoin Update After the Developments
개발 후 비트코인 및 알트코인 업데이트
After these developments related to Binance, when we look at Bitcoin and leading altcoins, Bitcoin is trading at $36,344 with a 3% decrease. Ethereum is trading at $1,982 with a 1.72% decrease, and BNB is trading at $234 with an 11% decrease.
Looking at the price of XRP, it is trading at $0.59 with a 3.39% decrease, Solana at $54.09 with a 3.36% decrease, Cardano at $0.37 with a 3.73% decrease. Lastly, Dogecoin is being bought at $0.074 with a 3.85% decrease.
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