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Binance Founder Changpeng Zhao Steps Down as CEO and Pleads Guilty in $4 Billion Settlement
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‘4’: CZ’s Resolution to Handle Binance FUD in 2023
January 11, 2023
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Less than two weeks into 2023, Binance CEO Changpeng Zhao (CZ) has been tested on his New Year's resolution to "ignore" FUD, fake news and attacks.
Intense Pressure After FTX Debacle
Binance CEO Changpeng Zhao (CZ) has a magic number to deal with public criticisms leveled in 2023 at the world’s largest crypto exchange: “4.”
The number four represents one of CZ’s New Year’s resolutions he tweeted on Jan. 2, specifically: “4. Ignore FUD, fake news, attacks etc.”
That resolution has been tested as the public spotlight has intensified on Binance following the spectacular collapse of Sam Bankman-Fried’s FTX/Alameda Empire and the sudden downfall of an erstwhile media darling that largely went unpredicted in the mainstream press.
Will try to keep 2023 simple. Spend more time on less things. Do's and Don'ts.
— CZ 🔶 Binance (@cz_binance) January 2, 2023
1. Education
2. Compliance
3. Product & Service
4. Ignore FUD, fake news, attacks, etc.
In the future, would appreciate if you can link to this post when I tweet "4". 🙏
CZ seems to be sticking to his resolution, for now, amid reports that Binance is losing more value than it said it had and that the exchange hadn’t kept up with rebalancing for its wrapped Binance-Peg BUSD token in the past.
More FUD incoming, will ignore!
— CZ 🔶 Binance (@cz_binance) January 10, 2023
4
In response to the BUSD article, Binance itself issued a response, saying that “the timing mismatch” issue had been identified and resolved last year.
Meanwhile, the separate issuer of the actual BUSD coin on ERC-20, Paxos, published a Twitter thread emphasizing that its coin is highly regulated and always backed 1:1 and that it does not issue the wrapped versions, such as Binance-Peg BUSD, which in turn is backed by Paxos’ ERC-20 BUSD.
1/ BUSD on ERC20 issued by Paxos is the largest regulated stablecoin in the market. It is always backed 1:1 and offers the highest level of transparency and oversight.
— Paxos (@PaxosGlobal) January 10, 2023
Then again, it appears CZ may have fudged a bit on his anti-FUD commitment, quoting a Tweet from a Binance supporter dismissing the report on Binance’s loss in value, adding “Think they may need an app to check the crypto market. 📷📷”
Think they may need an app to check the crypto market. 😂🤷♂️
— CZ 🔶 Binance (@cz_binance) January 10, 2023
Alright, will do 4, and ignore from here. https://t.co/GP67A5iThk
At a Davos event in Switzerland, CZ struck a far more positive tone. According to reports, he told an audience that Binance grew its employee headcount from 3,000 to 8,000 in 2022 and wants to expand a further 15%-30% in 2023.
What is Binance:
Binance positions itself as the world’s leading blockchain ecosystem and crypto-asset infrastructure provider with a financial product suite that includes the largest digital asset exchange by volume. The Binance platform aims to increase the freedom of money for users and features a comprehensive portfolio of crypto-asset products and offerings, including trading and finance, education, data and research, social good, investment and incubation, decentralization, and infrastructure solutions.
Where to find Binance:
Website | Twitter | Discord | Telegram |
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Binance VIP Traders Informed of $4B Settlement Back in September
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December 1, 2023
The exclusive gathering took place at a luxurious Singapore night club in September, where attendees engaged with Binance executives and probed about the potential settlement.
Binance reportedly hosted an exclusive dinner for its most significant market makers in September. The gathering, held at a prestigious Singapore nightclub, was an intimate setting where select VIP traders gained insights into the impending $4 billion settlement with the U.S. Department of Justice, according to a recent report from Bloomberg.
The private dinner, organized for Binance's top traders, unfolded in the upscale 1880 members-only club. Attendees, consisting of market makers and traders, engaged in discussions with Binance executives about the company's legal challenges. The conversations revolved around the potential $4 billion fine, leaving attendees convinced that Binance could afford and would settle such a substantial amount.
Attendees' Perspectives
Reports suggest that attendees, after breaking into smaller groups, sought clarification on Binance's legal troubles. They left the dinner with a heightened expectation of the $4 billion settlement, emphasizing the significant financial impact it would have on the exchange.
Former CEO Changpeng Zhao was notably absent from the gathering, with the then-head of regional markets, Richard Teng, representing the company.
In response to the reports, a Binance spokesperson disputed certain aspects of the event's depiction while refraining from specifying the inaccuracies, as per The Block. This discrepancy in accounts raises questions about the transparency surrounding Binance's legal challenges and its communication with stakeholders.
Implications of the Settlement
Binance’s $4 billion settlement with U.S. authorities, including the Department of Justice, Department of the Treasury, and the Commodity Futures Trading Commission, marked one of the largest corporate settlements in U.S. history.
The resolution concluded a criminal investigation into allegations of money laundering and sanctions violations, settling many of Binance's legal troubles in the U.S. However, Binance.US and Changpeng Zhao still face a lawsuit filed by the U.S. Securities and Exchange Commission.
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