I’ve always said regulators will be the end of CEX’s and this was pretty much confirmed today when the shocking news of CZ reportedly stepping down as CEO of Binance came out, after head hunting him for the entire year with lawsuits after lawsuits, regulators have finally shot their worst bullet and it seems to be a really big one. Check out the information below.
Changpeng Zhao, CEO of Binance, the world's largest cryptocurrency exchange, is set to resign and plead guilty to violating U.S. anti-money laundering laws. This development is part of a significant agreement to protect the future of the cryptocurrency giant. Zhao plans to enter his plea in a federal court in Seattle. As part of the settlement, Binance will admit to criminal misconduct and pay a substantial fine of $4.3 billion.
This amount is to settle both criminal and civil charges from regulatory authorities. This announcement, expected from U.S. Attorney General Merrick Garland, follows a major investigation by the U.S. Department of Justice into Binance's operations. The settlement amount is notably large for the financial industry. Zhao, often referred to as "CZ," established Binance in 2017, and it swiftly grew to be the largest crypto exchange globally.
Personally, I’m not surprised, CZ built a giant corporation that was disrupting the entire global finance system, regulators have been on CZs neck the entire year like they were on many others, but they successfully ran many other exchanges to their graves but Binance kept winning lawsuits, although this time I wonder why he finally succumbed.
If I was CZ, I would have resigned like way back and bought property in front of the lake in Bahamas and be sipping cold champagne in the midday sun wearing bikinis and laughing at the regulators cracking down on other exchanges. But I have to admit that CZ is more courageous than I am and a lot more hard working, he said he hasn’t had a break in 6 years, like whattt?
Meaning no breaks from incessant meetings, regulatory crack downs, FUDs, more incessant meetings, probings, death threats, FUDs, regulators, managing thousands of people and still appearing on social media, for six years, he’s incredible and I know he’s not a saint but admitting to criminal misconduct out of the blue is just something I can’t understand, I would have preferred a honorable bow out, but maybe there’s more to the whole story, who knows 🤷.l, maybe this is as honorable as it can get.
Like I said earlier, I’m not surprised, infact I’m happy for him and the entire crypto space, he can and will move forward into other endeavors, and crypto will relax its reliance on figure heads like him that keeps being getting attacked by regulators, eventually regulators won’t have anyone to bite anymore but themselves when the world moves to decentralized solutions.
Speaking of decentralized solutions, my recent post about “A world without CEX” makes even more sense after all this revealing, “You don’t get it, imagine CEX’s ceased to exist, the solution is that people will have to provide liquidity with their tokens of choice into a pool where others can buy or sell in a decentralized way”. A cexless world is becoming more of a reality than a catchy title. CZ also said he’ll be looking to invest in the growth of DEFi, Ai, Web3, something I’ve expected since, so there’s that.
Now, let’s talk about the ripple effect this is going have. First off, there's going to be a power vacuum at the top. You know how it is when the big dog leaves the yard, the smaller ones start thinking they've got a shot at the throne. We're going to see some serious jostling for position among the other exchanges. But here’s the twist – none of them have CZ’s swag or his knack for staying two steps ahead of the game, plus there are only about 5 of them that are well known and easily accessible, Justin Suns Huobi is not even on the list.
Then there’s the whole shift towards decentralization. CZ bowing out is like a neon sign pointing towards DEXs. It's like the universe is saying, “Yo, look here, this is the future!” And you can bet your last Satoshi that the smart money is already sniffing around these decentralized platforms. We're talking about a seismic shift from the era of centralized exchanges to a wild, uncharted world where DEXs rule the roost.
And what about CZ himself? The man's like a legend now. He's been through the wringer, come out the other side, and he's still standing. You can bet he's not just gonna kick back and disappear. CZ's the kind of guy who turns lemons into lemonade, then sells it back to life with a profit. I wouldn't be surprised if he's already plotting his next big move, something that'll make even this look like a warm-up act. Although if I were him, I’ll be packing my bags and preparing to go shake my butt in my multimillion dollar waterfront mansion in Bahamas.
images were generated with Ai
Posted Using InLeo Alpha
