ROME, ITALY – MAY 10: Founder and CEO of Binance Changpeng Zhao, commonly known as “CZ”, attends the “CZ meets Italy” at Palazzo Brancaccio on May 10, 2022 in Rome, Italy. Changpeng Zhao is the founder and CEO of Binance, the world’s largest cryptocurrency exchange by trading volume as of April 2018. (Photo by Antonio Masiello/Getty Images)
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BNB
BNB
Chief Executive Changing Zhao, commonly referred to as CZ, will plead guilty to violating criminal U.S. anti-money laundering requirements, according to the Wall Street Journal. He will also be stepping down as CEO. Forbes has learned longtime executive Richard Teng is being considered to take over the industry’s top job.
BNB is crashing following news of CZ stepping down
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The token was created in 2017 to help fund the creation of Binance in an offering that a Forbes investigation revealed to largely be a flop. Holders of the asset received trading discounts and access to unique investment opportunities through Binance. Although the reported agreement suggests that the company may be able to continue to operate, investors appear to be fleeing the token that has been a key linchpin in Binance’s ascent to becoming the world’s largest cryptocurrency exchange.
So far the rest of the crypto market is unaffected by this news. The two largest tokens by market capitalization, bitcoin and ethereum, are trading flat on the news.
Bitcoin and ether are trading flat on Binance’s news
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