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Cryptocurrency News Articles
Bitcoin and BNB Tokens Dip After Binance Founder Changpeng Zhao's Release
Sep 28, 2024 at 11:46 am
The release of Binance founder Changpeng Zhao from custody on September 27 coincided with a minor drop in Bitcoin and Binance's BNB tokens.
Binance founder Changpeng Zhao was released from custody on September 27, coinciding with a minor drop in Bitcoin and Binance’s BNB tokens.
The entrepreneur’s net worth has also seen a sharp decline as concerns over token centralization rise.
Founder of Binance, Changpeng Zhao, was released from custody early on September 27.
Following the commencement of the trading day, the price of Bitcoin and Binance’s BNB tokens witnessed a marginal decrease.
Bitcoin, BNB Tokens Dip After CZ’s Release
An earlier Forbes article highlighted that 64% of the BNB supply is owned by Zhao. This would place the entrepreneur’s net worth at around $61 billion in June 2024, making him the 24th wealthiest person in the world.
After the report’s publication, concerns arose regarding the token’s centralization due to Zhao’s vast ownership of Binance’s native token.
At the time of writing, Zhao’s 94,000,000 BNB tokens were valued at about $57,000,000, a substantial drop from June 2024, when values surpassed $700, according to Cointelegraph.
Centralization Concerns Surround Binance Ownership
An analysis in 2024 by Gray Wolf Analytics and Forbes showed that the founding Binance crew received 80 million BNB tokens. Moreover, around 46 million of those tokens are still held by the firm.
In 2023, charges were filed against Binance and Zhao by the United States Department of Justice (DOJ). The DOJ alleged that Binance founder Zhao violated the Bank Secrecy Act.
Regulatory Scrutiny, DOJ Allegations Against Binance
Statements were included in a joint filing by government regulators from the US Department of the Treasury, the Commodity Futures Trading Commission, and the US Department of the Treasury’s Financial Crimes Enforcement Network:
While Binance is not a publicly listed company, it is the largest cryptocurrency exchange in the world. Any news on the criminal and civil liability of Zhao and Binance is likely to have a significant impact on the trading of various cryptocurrencies.
SEC Settlement Hits Binance Hard
Indeed, the BNB price went up by about 7% in the 24 hours following the announcement of a $4 billion settlement between Binance and the SEC on November 21.
As a result of the SEC settlement, Binance lost $4.3 billion, and Zhao was fined an additional $50 million.
After the DOJ mandated independent monitoring, Binance was also assigned to the Forensic Risk Alliance to oversee the company’s activities for the next three years.
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