US Crushes Binance

     The US government has explained to the crypto world the use of the long arm of its law by stopping the game of the biggest player in the crypto market.

Binance's US market ends, and economic problems begin

     The US Department of Justice has fined Binance $4.3 billion after finding it guilty of US economic crimes. Additionally, almost the same penalty has been imposed on Binance by Treasury Department ($3.4B by FinCen and $968m by OFAC). This is approximately $8.7B. Binance will have to pay the fine and leave the US market.

CZ will go to jail

     Charges have also been filed against Binance founder Changpeng Zhao (CZ), but since they are not fraud-related, CZ could only face 10 years in prison if he pleads guilty to the charges, but after paying a $200 million fine in restitution for the crime, the sentence may be reduced to 18 months. CZ paid $175m Bond to remain out of jail.

Binance's future in the crypto world

     Crypto is considered free from the interference of any country's politics, but the credibility of Binance has decreased due to succumbing to American pressure. In addition, investors have started withdrawing from Binance due to the fear of their investments getting stuck in the matter of paying fines to the US government.

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