Benzinga - Changpeng Zhao, popularly known as CZ, on Tuesday, announced his resignation as the CEO of Binance.
What Happened: This event follows CZ’s guilty plea to federal charges, leading Binance Holdings Limited, the company behind the leading crypto exchange Binance.com, to agree to a staggering $4.3 billion settlement to conclude the United States Justice Department’s probe into alleged violations.
As the news broke out, someone made a new token dubbed “CZ coin” which surged by 4,000% in 24 hours, predominantly on Decentralized exchanges (DEX), as indicated by data from DEXtools.
At the time of writing, “CZ coin” was trading at $0.01014, with its total market capitalization standing at $1.01 million and a 24-hour trading volume amounting to $536,250.
Investors and enthusiasts are cautioned against the low liquidity and substantial volatility associated with this new coin.
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Why It Matters: In a late Tuesday announcement, the Justice Department laid out the charges against Zhao, which included his failure to implement an adequate anti-money laundering (AML) program as mandated by the Bank Secrecy Act (BSA).
Zhao’s departure paves the way for Richard Teng, previously overseeing Binance’s global regional markets, to step in as the chief executive officer.
Price Action: At the time of writing, Bitcoin (CRYPTO: BTC) was trading at $37,318, up 3.11% in the last 24 hours according to Benzinga Pro.
Photo by CMP_NZ on Shutterstock
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