CEO Resigns Killed by US, IDR 15.63 Trillion Vaporizes from Binance Tech – 5 hours ago

Jakarta, CNBC Indonesia – Citizens of the world are busy withdrawing their crypto assets from Binance after CEO Changpeng Zhao stepped down and pleaded guilty to criminal charges in the United States. Around US$ 1 billion (Rp. 15.63 trillion) evaporated from Binance in just 24 hours.

This massive withdrawal resembles when Binance and its founders were announced as suspects in 13 violations of stock trading regulations by the US exchange authority (SEC).

Binance’s token, BNB, plunged 8 percent in the last 24 hours. Binance now holds US$ 2.8 billion worth of BNB.

Following the SEC’s announcement in March, Binance began removing zero-fee incentives for crypto asset exchange transactions, including those involving bitcoin. This policy caused trading volume on Binance to plummet.

According to CNBC Indonesia, Binance is still the largest crypto asset trading exchange in the world. Every year, Binance processes transactions worth billions of US dollars.

At the start of the week, Binance reportedly agreed to pay a fine of US$ 4.3 billion (Rp. 67.2 trillion) as a settlement agreement for an investigation into violations of anti-money laundering regulations by the US federal government.

According to Nansen, Binance is still storing crypto assets worth US$ 65 billion (Rp. 1,016 trillion) well above the withdrawal flow for 24 hours after Zhao’s announcement that he was stepping down. Additionally, no asset management companies have withdrawn their managed funds from Binance.

US Attorney General, Merrick Garland, stated that the fine against Binance was one of the largest fines ever imposed on a corporation.

“Using new technology to break the law doesn’t make you a ‘disruptor’. It makes you a criminal. Binance puts profits above the safety of US citizens,” Garland said.

Zhao, via his Twitter account, said he “made a mistake” and “must take responsibility.” After Zhao stepped down, Binance appointed Richard Teng, who previously managed regional exchange Binance, as its new CEO.

[Gambas:Video CNBC]

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