IAK
5.1K posts
IAK
@btc21m
2021-23 PvP survivor🩸 2024-25 MIM enjoyor 🧙♂️
Zhao Plea Agreement: Zhao will plead guilty to violations of the Bank Secrecy Act (BSA) and other related laws. He has agreed to a fine of $50 million, which will be credited against payments made to the Commodity Futures Trading Commission (CFTC) if paid by the sentencing date. Zhao is prohibited from making any public statements contradicting his admission of guilt or the facts established in the case. Binance Plea Agreement: Binance will plead guilty to operating an unlicensed money transmitting business, violating the BSA, and conducting prohibited transactions with Iran. Binance agrees to the facts stated in the plea agreement and commits to full cooperation with the government. Zhao has resigned as CEO of Binance, and the company has barred him from future involvement in its operations for three years from the date a monitor is appointed. Binance must enhance its compliance program and appoint an independent monitor for three years. At the plea agreement's end, Binance's CEO and chief compliance officer must certify compliance with the plea agreement terms. Binance consents to a fine of approximately $1.805 billion, reflecting a discount for partial cooperation, to be paid within 15 months post-sentencing. Binance will also pay a money judgment of approximately $2.511 billion, part of which is related to transactions with U.S. users and another part related to transactions involving Iran, to be paid within specific timeframes post-sentencing. Binance, like Zhao, cannot make public statements contradicting their acceptance of responsibility or the facts described in their respective plea agreements.
Today, I stepped down as CEO of Binance. Admittedly, it was not easy to let go emotionally. But I know it is the right thing to do. I made mistakes, and I must take responsibility. This is best for our community, for Binance, and for myself. Binance is no longer a baby. It is time for me to let it walk and run. I know Binance will continue to grow and excel with the deep bench it has. I’m pleased to announce that @_RichardTeng, our now former Global Head of Regional Markets, has been named the new CEO of Binance today. Richard is a highly qualified leader and, with over three decades of financial services and regulatory experience, he will navigate the company through its next period of growth. He will ensure Binance delivers on our next phase of security, transparency, compliance, and growth. Prior to joining Binance, Richard was CEO of the Financial Services Regulatory Authority at Abu Dhabi Global Market (ADGM); Chief Regulatory Officer of the Singapore Exchange (SGX); and Director of Corporate Finance in the Monetary Authority of Singapore. With Richard and the entire team, I’m confident that the best days for @Binance and the crypto industry lay ahead. As a shareholder and former CEO with historical knowledge of our company, I will remain available to the team to consult as needed, consistent with the framework set out in our U.S. agency resolutions. What’s next for me? I will take a break first. I have not had a single day of real (phone off) break for the last 6 and half years. After that, my current thinking is I will probably do some passive investing, being a minority token/shareholder in startups in areas of blockchain/Web3/DeFi, AI and biotech. I am happy that I will finally have more time to spend looking at DeFi. I can’t see myself being a CEO driving a startup again. I am content being an one-shot (lucky) entrepreneur. Should there be listeners, I may be open to being a coach/mentor to a small number of upcoming entrepreneurs, privately. If for nothing else, I can at least tell them what not to do. On that note, I am proud to point out that in our resolutions with the U.S. agencies they: - do not allege that Binance misappropriated any user funds, and - do not allege that Binance engaged in any market manipulation. Funds are SAFU! With that, I look forward to seeing the new leadership take the reins. Please join me in congratulating Richard on his well-deserved promotion. Onwards! CZ
Everyone has been hyperfocused on the ETF as the driver of Bitcoin's price action, not that we are at/nearing the inflection point for liquidity. Reverse Repo is absorbing issuance but will soon drain to 0 then QT should end soon after. ETF will just be an accelerant for BTC.
Don’t know who needs to hear this but… QT is going to be stopped much sooner than most people think.
