Kalam Crypto #94: Binance Guilty & CZ Steps Down

This week, Binance pleaded guilty and was ordered to pay a $4.3 billion fine, CZ stepped down as CEO, and Circle expanded USDC to Japan.

27 Nov, 2023

CoinMENA Team

Author

“You cannot continue to victimize someone else just because you yourself were a victim once—there has to be a limit” Edward Said

Ahlan wa sahlan, and welcome to the 94th edition of CoinMENA's weekly newsletter, Kalam Crypto. This week, Binance pleaded guilty and was ordered to pay a $4.3 billion fine, CZ stepped down as CEO, and Circle expanded USDC to Japan. All that and more, so let's dive into this week's letter, and talk crypto:

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Global News 🌍

Binance Guilty, CZ Steps Down: Binance pleaded guilty to operating as an unlicensed money-transmitting business and failing to comply with registration requirements and was ordered to pay a $4.3 billion fine, marking one of the largest penalties ever imposed on a corporate entity, for violating money transmission laws and U.S. sanctions. In response, CZ, the CEO and Founder of Binance pleaded guilty to violating the Bank Secrecy Act and has stepped down as the CEO, agreeing to pay a $50 million fine. Sentencing is expected to occur in February when CZ could be sentenced to up to 18 months in jail.

Better be safe than sorry: What does this mean for Binance users? In light of the recent developments, we recommend taking a precautionary approach and withdrawing your crypto assets from Binance for added safety and peace of mind. You can transfer them to an external wallet or your CoinMENA account.

Circle expands USDC to Japan: Circle, the issuer of the USDC stablecoin, has formed a partnership with SBI Holdings, a prominent Japanese securities and banking entity. This collaboration aims to enhance Circle's presence in Japan, with a focus on promoting the circulation of USDC and expanding the utilization of stablecoins in the country. Jeremy Allaire, CEO and co-founder of Circle, said the partnership with SBI Holdings “represents a shared vision for the future of digital currency, and is a significant milestone in Circle’s expansion plans in Japan and Asia Pacific.”

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