Last night, Binance founder Changpeng Zhao (CZ) resigned as CEO of Binance, pleaded guilty to criminal and civil charges, and agreed to pay $4.3 billion to the U.S. Securities and Exchange Commission (SEC).
He also faced 18 months in prison as part of a plea deal, but was released quickly ahead of sentencing in February 2024 after paying a whopping $170 million bail last night.
Recently, the SEC also delayed all ETFs that would have been almost certain to be approved. Is this purely a coincidence? I think not.
Until big institutions like BlackRock, Invesco, and Fidelity get in, the biggest political maneuver the U.S. government could make in the cryptocurrency space is to remove CZ and impose regulatory control on Binance, the largest exchange.
There may be more FUD in the future, if you see Bitcoin around $25,000 then take a chance and buy because that will be when the big institutions like BlackRock come in and ETFs are approved and the biggest you will ever see The bull market is coming.
