The crypto community on social media has greeted the news of the deal between Binance, Changpeng “CZ” Zhao and the United States Department of Justice (DOJ) mostly positively, hoping it removes one of the last remaining obstacles before the long-awaited approval of a spot Bitcoin exchange-traded fund (ETF).
The $4.3 billion settlement between the DOJ and the world’s largest crypto exchange for violating U.S. Anti-Money Laundering laws includes a plea deal with CZ, who has agreed to step down as CEO of Binance.
The news of the deal and CZ’s departure led to a market correction that saw some $175 million worth of leveraged crypto positions liquidated while close to $1 billion in crypto assets flowed out of the crypto exchange.
Over 1 billion dollars of outflows out of @Binance in the last 24 hours pic.twitter.com/nNMa10gtfg
Apart from a market correction, most crypto community members saw the settlement with the DOJ and CZ’s plea deal as a big win for the exchange and the crypto industry. Many critics had previously claimed the U.S.’s pursuit of Binance would end the crypto exchange’s dominance.
This is the greatest victory of CZ's life.
Absolute 3D chessmaster.
From day 1, the DOJ & SEC have always been Binance's biggest risk. CZ's greatest threat. The dragon on the horizon.
Now, after years of uncertainty, the DOJ has finally been neutralized. The dragon is slayed.…
Many others called Binance’s settlement with the DOJ the last step before the U.S. Securities and Exchange Commission (SEC) approves a spot Bitcoin (BTC) ETF. Generally, the crypto community appears to see the deal as a win-win scenario for the crypto ecosystem and a bullish catalyst for the next bull run.
Sweet baby Jesus this is bullish! Binance settling with theRead more on cointelegraph.com