• Judge accepted CZ’s guilty plea for Bank Secrecy Act violations.
• BNB funding rate remained positive.

The Binance [BNB] controversy continues, and there has been a recent update involving its former CEO Chanpeng Zhao.

Guilty plea accepted

Numerous reports and a recently reviewed court document confirm that the former CEO of Binance, Chanpeng Zhao, has had his guilty plea accepted.

In a filing dated 6th December to a Seattle District Court, Judge Richard Jones acknowledged Zhao’s guilty plea related to one count of Bank Secrecy Act violations.

The plea was submitted several weeks ago, coinciding with Binance’s $4.3 billion settlement with U.S. agencies. This also led to Zhao stepping down as CEO and agreeing to pay $150 million to regulators as part of the settlement terms. 

Also, sentencing is set for the 23rd of February, 2024. While Zhao has been released on bond pending sentencing, prosecutors seek to enforce his presence in the U.S. until the sentencing date.

The previous revelation about Zhao and Binance triggered a significant decline in the value of BNB.

Reaction from the Binance Coin?

Upon initial examination of the daily timeframe chart for Binance Coin (BNB), there appears to be no significant reaction.

In contrast to the 10.8%

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Author: Adewale Olarinde

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