Changpeng Zhao, Binance’s former CEO, faced a setback; the Bitcoin spot ETF craze continues, with BlackRock and Grayscale modifying their filings; and BTC clinched the $39,000 spot amid a sustained market uptrend.
Binance ex-CEO’s travel ban
- Recall that the U.S. Justice Department argued against letting Zhao leave to the UAE, adding that he might not return to the U.S. to face his sentencing, as the country does not have an extradition agreement with the UAE.
- This week, District Judge Richard Jones agreed that authorities restrict Zhao from leaving the U.S. before his sentencing in February next year. Zhao would have to remain in the U.S. until then.
Zhao resigns as Binance.US chairman amid probe
- Despite getting the global Binance entity to admit to financial violations and a fine of $4.3 billion, U.S. authorities are still onto the Binance brand. The U.S. Securities and Exchange Commission (SEC) recently revealed it has continued its probe into Binance.US’ operations.
- The agency believes the exchange might have also employed a backdoor mechanism similar to what FTX leveraged for its illegal financial operations involving customer assets.
- A day after the SEC’s disclosure, Binance.US announced that Zhao had resigned from his position as the board Chairman of the company. Binance.US also emphasized its independence from the global Binance entity.
Ronaldo caught in the crossfire, Binance’s woes in the Philippines
- This week, soccer icon Cristiano Ronaldo found himself caught in the Binance saga. Binance customers initiated a class action against the Al-Nassr forward, claiming they incurred losses due to his promotion of Binance.
- Binance’s woes did not end in the U.S., extending to Southeast Asia this week. Notably, the Philippines SEC released a warning
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Author: Wahid Pessarlay
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