Remember when the Queen passed away and all broadcasts were paused across England to announce this news? Well, Changpeng Zhao, infamously known as CZ, is (or was?) the Queen of crypto. Of course, he was a King and not the Queen, but you get the point.
Caught in between money laundering allegations, CZ pleaded guilty back in November. Eventually, stepping down as CEO, from the world’s largest cryptocurrency exchange, Binance.
The US Department of Justice reported that Binance agreed to pay over $4 billion to resolve the Justice Department’s investigation into violations related to the Bank Secrecy Act (BSA), failure to register as a money-transmitting business, and the International Emergency Economic Powers Act (IEEPA).
But our focus today lies beyond the details of the event. Instead, we will be discussing the aftermath of CZ’s resignation. How is the crypto industry coping without its monarch? Has CZ’s downfall brought the same amount of chaos as the FTX collapse? Let’s find out!
BlackRock’s Puzzling Involvement and the SEC’s Calculated Silence:
It’s like a well-crafted spy novel – the SEC’s initial onslaught against Binance, brimming with allegations of entanglement with FTX, has now morphed into conspicuous absence.
Before his resignation, CZ dropped a cryptic tweet hinting at a brewing storm. It seemed like a nod to the impending legal challenges. Enter BlackRock, the financial behemoth whose involvement in the story has turned a few heads.
The whispers of BlackRock’s influence grow louder, suggesting a grand strategy at play. Their involvement in ETFs, and their potential sway in the approval of a Bitcoin ETF. The question on everyone’s mind: What is the endgame in this high-stakes financial chess match?
A New Dawn at Binance:
Contrary to what one might expect, Binance users haven’t jumped ship. The platform’s stability, despite the turmoil, shows the crypto community’s resilience. The appointment of Richard Teng as the new CEO signals a hopeful and strategic future for Binance.
As we gaze upon the global financial stage, the numbers tell a tale of subtle movements. Michael Van de Poppe, an expert, foresees a future where the crypto market, now valued at around $1 trillion, will expand tenfold.
Meanwhile, the popular analyst Rekt Capital draws parallels to the year 2016. He predicts a potential 40% decline post a pre-halving rally for Bitcoin. Santiment, the seers of on-chain data, contradicts Rekt. While the Binance news has been a dominant narrative, they point out that altcoins were already on a downward trajectory. Their observation of traders swapping BNB for FTX’s FTT adds a twist to the plot.
As we look at the resignation of CZ and BlackRock’s involvement in a broader light, the industry, known for its dynamism and unpredictability, is at a juncture where adaptability and strategic thinking are key.
