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Former Binance CEO Changpeng Zhao has officially resigned as chairman of the board of the U.S.-based Binance.US. In other news, Bitcoin experienced its first-ever halving 11 years ago today, and since then, its price has soared from $12 to $37,000 today. Meanwhile, the United States Securities and Exchange Commission (SEC) has yet to drop its investigation into potential fraud at Binance.US.
CZ steps down as Binance.US chair
Binance founder and former CEO Changpeng “CZ” Zhao has stepped down from his role as chair of the board for Binance.US.
The announcement came via Binance.US’ X (formerly Twitter) account on Nov. 28, where the crypto exchange reminded users that it had no involvement in Binance’s $4.3 billion settlement with the U.S. Department of Justice.
We wanted to provide an update to the https://t.co/AZwoBOgsqS community in light of last week’s news regarding CZ and https://t.co/IZwa5M2U8b.
As you know, https://t.co/AZwoBOgsqS was launched with the express purpose of serving United States customers in accordance with all…
— Binance.US (@BinanceUS) November 28, 2023
“We are exceptionally grateful to CZ for his guidance and counsel over the years,” the exchange said.
By stepping down as board chair, CZ “transferred his voting rights through a proxy arrangement, whereby his interest in the company is purely economic and he will no longer
As Cointelegraph reported last week, CZ pleaded guilty to one felony account for failure to effectively manage Anti-Money Laundering requirements. He could face up to 18 months in prison.
11th anniversary of Bitcoin’s first halving: From $12 to $37,000
Bitcoin, the largest cryptocurrency by market value, experienced its first-ever halving 11 years ago today. As the community celebrates the anniversary of the first Bitcoin halving, it’s timely to revisit some of Bitcoin’s historical milestones ahead of the next halving expected in April 2024.
The first Bitcoin transaction occurred nearly 15 years ago on Jan. 3, 2009, a few months after the pseudonymous creator of Bitcoin, Satoshi Nakamoto, published the Bitcoin white paper in October 2008.
On Nov. 28, 2012, or three years and ten months after Bitcoin’s initial block was mined, the first-ever halving event took place. At the time, BTC traded at just around $12, according to data from StatMuse, or 308,200% below Bitcoin’s current price, according to data from CoinGecko. Halving events have taken place every four years since then.
As Bitcoin halvings significantly increase the cryptocurrency’s scarcity, the Bitcoin price cycle has been historically impacted by halvings. Just a year after its first-ever halving, Bitcoin had risen to nearly $1,000, while the second halving triggered a 350% surge during the year after the event, with BTC subsequently rallying to all-time highs of nearly $20,000 in December 2017.
SEC still looking for potential FTX-style fraud at Binance.US: Report
The U.S. SEC is still seeking evidence that could show Binance.US had a backdoor to potentially control customer assets, similar to the now-closed crypto exchange FTX.
According to a report by The Wall Street Journal, during a Nov. 27 hearing in federal court, attorneys for Binance.US reportedly argued the securities regulator has no evidence that assets have been misused, asking U.S. Magistrate Judge Zia Faruqui to consider ceasing the securities regulator’s investigation for potential fraud.
If DOJ can’t dig out dirt on user assets on Binance then Binance is clean as fuck
Fuck the SEC and Fuck Gary Gensler https://t.co/LaADMsZSfa
— RamenPanda (@IamRamenPanda) November 27, 2023
Binance.US attorney Matthew Laroche also cited ballooning costs of the lawsuit, noting that Binance.US assets have plunged almost 90% and that its user base has halved since the SEC filed the lawsuit.
In June, the SEC filed a lawsuit against Binance and Binance.US, alleging that the exchange was involved in the sale of unregistered securities
One of the allegations was that the exchange diverted customer assets at their discretion, including sending money to the Switzerland-based Sigma Chain under former CEO Changpeng Zhao’s control.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
