{"id":561833,"date":"2023-11-21T18:24:09","date_gmt":"2023-11-21T18:24:09","guid":{"rendered":"https:\/\/wncen.com\/?p=561833"},"modified":"2024-06-11T07:58:13","modified_gmt":"2024-06-11T07:58:13","slug":"crypto-market-reacts-binance-ceo-changpeng-zhao-steps-down","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/binance-coin\/crypto-market-reacts-binance-ceo-changpeng-zhao-steps-down\/","title":{"rendered":"Crypto Market Reacts: Binance CEO Changpeng Zhao Steps Down"},"content":{"rendered":"

In a shocking turn of events, Binance CEO Changpeng Zhao has agreed to step down from the crypto exchange and has plead guilty to “violating US anti-money laundering requirements.”<\/p>\n

The news is currently being priced into the crypto market, leading to extreme volatility in Bitcoin and altcoins, plus a lot of chatter on social media. Let’s take a closer look at how the market and speculators are reacting so far.<\/p>\n

CZ To Step Down, Pleads Guilty, Company Charged $4B In Fines<\/h2>\n

Earlier today, the US Department of Justice revealed it would be announcing action against a cryptocurrency company. The most dominant cryptocurrency exchange, Binance, was the target of the enforcement action, and was ordered to pay $4.3 billion in fines.<\/p>\n

Binance CEO Changpeng “CZ” Zhao stepped down as a result, and plead guilt to US anti-money laundering charges. The crypto market sank in the earlier hours today in anticipation of the news.<\/p>\n

Related Reading: Failed Bearish Signal Could Send Bitcoin To $85K Next Month<\/a><\/div>\n

However, as soon as the Wall Street Journal revealed<\/a> the information publicly, Bitcoin price bounced back and so did the altcoin market. Moments later, most of the upside price action was wiped out. Price as traded within roughly a 4% range today, but has traded across that several times since the news broke, highlighting powerful intraday volatility.<\/p>\n

\"Binance<\/p>\n

Bitcoin price is extra volatile on the news | BTCUSD on TradingView.com<\/a><\/pre>\n
The Crypto Market Reacts To The Binance News<\/h2>\n
While the market tries to price in what just occurred, volatility will continue to ensue in the near term. On X (formerly Twitter), notable figures are speaking out in regards to CZ’s departure from Binance.<\/p>\n
On-chain analyst and market commentator Will Clemente points out<\/a> it is “just a matter of weeks until Bitcoin ETF approval now” with Binance out of the way. The company has long been cited as a key reason for the SEC remaining hesitant to pull the trigger on a spot BTC ETF application approval.<\/p>\n
Related Reading: Clear Skies: Why Bitcoin Overhead Resistance Is Weak<\/a><\/div>\n
Messari Crypto CEO Ryan Selkis calls it<\/a> one of the “biggest catalysts we could have in crypto” between ETFs, crypto-friendly legislation, and this $4 billion settlement helping crypto be viewed as a “real industry.”<\/p>\n
Economist Alex Kruger reveals<\/a> that the settlement is ranked the 7th in financial compliance history, next to names like JP Morgan, Bank of America, Goldman Sachs, Wells Fargo, and several others.<\/p>\n
Tony is the author of the CoinChartist (VIP) newsletter<\/a>. Sign up for free<\/a>. Follow @TonyTheBullBTC<\/a> & @coinchartist_io<\/a> on Twitter. Or join\u00a0the TonyTradesBTC Telegram<\/a> for daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice. Featured image from Shutterstock, Charts from TradingView.com<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"
In a shocking turn of events, Binance CEO Changpeng Zhao has agreed to step down from the crypto exchange and has plead guilty to “violating US anti-money laundering requirements.” The news is currently being priced into the crypto market, leading to extreme volatility in Bitcoin and altcoins, plus a lot of chatter on social media. Let’s take a closer look at how the market and speculators are reacting so far. CZ To Step Down, Pleads Guilty, Company Charged $4B In Fines Earlier today, the US Department of Justice revealed it would be announcing action against a cryptocurrency company. The most dominant cryptocurrency exchange, Binance, was the target of the enforcement action, and was ordered to pay $4.3 billion in fines. Binance CEO Changpeng “CZ” Zhao stepped down as a result, and plead guilt to US anti-money laundering charges. The crypto market sank in the earlier hours today in anticipation of the news. Related Reading: Failed Bearish Signal Could Send Bitcoin To $85K Next Month However, as soon as the Wall Street Journal revealed the information publicly, Bitcoin price bounced back and so did the altcoin market. Moments later, most of the upside price action was wiped out. Price as traded within roughly a 4% range today, but has traded across that several times since the news broke, highlighting powerful intraday volatility. Bitcoin price is extra volatile on the news | BTCUSD on TradingView.com The Crypto Market Reacts To The Binance News While the market tries to price in what just occurred, volatility will continue to ensue in the near term. On X (formerly Twitter), notable figures are speaking out in regards to CZ’s departure from Binance. On-chain analyst and market commentator Will Clemente points out it is “just a matter of weeks until Bitcoin ETF approval now” with Binance out of the way. The company has long been cited as a key reason for the SEC remaining hesitant to pull the trigger on a spot BTC ETF application approval. Related Reading: Clear Skies: Why Bitcoin Overhead Resistance Is Weak Messari Crypto CEO Ryan Selkis calls it one of the “biggest catalysts we could have in crypto” between ETFs, crypto-friendly legislation, and this $4 billion settlement helping crypto be viewed as a “real industry.” Economist Alex Kruger reveals that the settlement is ranked the 7th in financial compliance history, next to names like JP Morgan, Bank of America, Goldman Sachs, Wells Fargo, and several others. Tony is the author of the CoinChartist (VIP) newsletter. Sign up for free. Follow @TonyTheBullBTC & @coinchartist_io on Twitter. Or join\u00a0the TonyTradesBTC Telegram for daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice. Featured image from Shutterstock, Charts from TradingView.com<\/p>\n","protected":false},"author":517,"featured_media":561859,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83379],"tags":[10768,428,11427,79524,79611,1119,1144,78790,6664,4524],"class_list":["post-561833","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-binance-coin","tag-binance","tag-bitcoin","tag-bnb","tag-bnbusd","tag-bnbusdt","tag-btc","tag-btcusd","tag-btcusdt","tag-crypto","tag-xbt"],"acf":[],"yoast_head":"\nNewsBTC<\/title>\n<meta name=\"description\" content=\"In a shocking turn of events, Binance CEO Changpeng Zhao has agreed to step down from the crypto exchange and has plead guilty to "violating US anti-money\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market. A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony\u2019s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements. Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions. In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders. His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics. Tony\u2019s nickname, \"The Bull,\" aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice. In summary, Tony \"The Bull\" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.","sameAs":["https:\/\/coinchartist.io\/","https:\/\/www.instagram.com\/coinchartist_io\/","https:\/\/x.com\/https:\/\/twitter.com\/tonythebullBTC","https:\/\/www.youtube.com\/@coinchartist_io"],"url":"https:\/\/wncen.com\/author\/tonymspilotro\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Crypto Market Reacts: Binance CEO Changpeng Zhao Steps Down","url":"http:\/\/wncen.com\/news\/binance-coin\/crypto-market-reacts-binance-ceo-changpeng-zhao-steps-down\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/binance-coin\/crypto-market-reacts-binance-ceo-changpeng-zhao-steps-down\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/11\/shutterstock_2247997585.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/11\/shutterstock_2247997585.jpg?fit=1000%2C667"},"articleSection":"Binance Coin","author":[{"@type":"Person","name":"Tony \"El Toro\" Severino"}],"creator":["Tony \"El Toro\" Severino"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["binance","bitcoin","bnb","bnbusd","bnbusdt","btc","btcusd","btcusdt","crypto","xbt"],"dateCreated":"2023-11-21T18:24:09Z","datePublished":"2023-11-21T18:24:09Z","dateModified":"2024-06-11T07:58:13Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Crypto Market Reacts: Binance CEO Changpeng Zhao Steps Down\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/binance-coin\\\/crypto-market-reacts-binance-ceo-changpeng-zhao-steps-down\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/binance-coin\\\/crypto-market-reacts-binance-ceo-changpeng-zhao-steps-down\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/11\\\/shutterstock_2247997585.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/11\\\/shutterstock_2247997585.jpg?fit=1000%2C667\"},\"articleSection\":\"Binance Coin\",\"author\":[{\"@type\":\"Person\",\"name\":\"Tony \\\"El Toro\\\" Severino\"}],\"creator\":[\"Tony \\\"El Toro\\\" Severino\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"binance\",\"bitcoin\",\"bnb\",\"bnbusd\",\"bnbusdt\",\"btc\",\"btcusd\",\"btcusdt\",\"crypto\",\"xbt\"],\"dateCreated\":\"2023-11-21T18:24:09Z\",\"datePublished\":\"2023-11-21T18:24:09Z\",\"dateModified\":\"2024-06-11T07:58:13Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/11\/shutterstock_2247997585.jpg?fit=1000%2C667","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/561833"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/517"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=561833"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/561833\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/561859"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=561833"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=561833"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=561833"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}