CZ departure, Binance deal lead to purge of $175M of crypto longs
Data aggregator DefiLlama showed that Binance’s crypto asset inflows in the last 24 hours have fallen by over $1 billion.
As crypto exchange Binance and the departure of its CEO Changpeng “CZ” Zhao hit the headlines in the last 24 hours, the digital asset space went into a rollercoaster mode that saw the market liquidate close to $175 million for traders betting on long positions.
On Nov. 21, developments in Binance and CZ’s case with the U.S. Department of Justice saw CZ announce he would plead guilty to violating Anti-Money Laundering requirements and step down as the CEO of Binance. In addition, the U.S. Justice Department also announced a $4.3 billion settlement with Binance, and the exchange appointed a new CEO.
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...