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US President Donald Trump’s pardon of former Binance CEO and the exchange’s founder Changpeng Zhao “CZ” reportedly came after an expensive lobbying campaign in Washington.  According to a recent report by Politico, Zhao benefited from Binance and its legal team’s efforts over multiple months to win over key figures close to Trump. Binance Targeted People In Trump’s Orbit Towards the end of September last year, Binance hired a close associate of Donald Trump Jr. by the name of Ches McDowell. The exchange also hired McDowell’s North Caroline-based firm Checkmate Government Relations to lobby the White House and Treasury Department on “executive relief,” according to the report.  Checkmate has been one of the highest-earning companies during Trump’s second term. In the past three months, the firm has seen $7.1 million in revenue, the report said.  Binance had paid Checkmate $450K for one month’s work. H...

The odds of India invading Pakistan rose to 41% on crypto betting platform Polymarket today as Pakistan’s defence minister declared military incursion from India was “imminent.” Reuters reported today that Pakistan’s defence minister Khawaja Muhammad Asif claimed, “We have reinforced our forces because it is something which is imminent now.” On Polymarket, the chances of the invasion subsequently shot up to 41%. It currently stands at around 37%. Last week, in the Indian-administered region of Kashmir, a gunman shot 26 tourists, an incident that India claims was the work of militants supported by Pakistan. However, it hasn’t named the group.  Since then, India has reportedly demolished the houses of alleged militants and detained 1,500 people in the region . Pakistan denies any role in the attack and, along with China, has called for a “neutral investigation” into the matter.  Read more: The Vatican isn’t excommunicating crypto gamblers Polymarket claims the be...

Changpeng Zhao, commonly known as “CZ,” has stepped down as Chairman of Binance.US’s Board of Directors. The recent announcement by Binance.US regarding Changpeng Zhao, known as “CZ,” is stepping down as Chairman of its Board of Directors, marking a significant moment in the cryptocurrency sector. We wanted to provide an update to the https://t.co/AZwoBOgsqS community in light of last week’s news regarding CZ and https://t.co/IZwa5M2U8b. As you know, https://t.co/AZwoBOgsqS was launched with the express purpose of serving United States customers in accordance with all… — Binance.US (@BinanceUS) November 28, 2023 You might also like: New Binance CEO Richard Teng: Here’s what you need to know The company stated, “As [Zhao] transitions to life after Binance, he has decided to step down from his role as Chairman of our Board of Directors and transferred his voting rights through a proxy arrangement.” The move comes amidst a lan...

Newly appointed Binance CEO Richard Teng has reiterated his confidence in the exchange’s financial health even after agreeing to a massive $4.3 billion penalty from U.S. authorities. In response to comments from Conor Grogan, a Coinbase executive, praising Binance’s latest proof-of-reserves report on Nov. 22, Teng asserted that platform fundamentals stay robust across trading volumes, expenses, revenues, and profits. Grogan observes that Binance possesses significant crypto asset reserves, with $6.35 billion verified in its reserves report. Additional unaccounted for cash and wallet balances further reinforce assets. I backed out Binance Corporate's crypto holdings from their Proof of Reserves: $6.35B total assets, $3.19B in stablecoins Doesn't include off-chain cash balances or funds held in wallets not in PoR Most likely able to pay full $4.3B DoJ fine with 0 crypto asset sales pic.twitter.com/GK45EwRSPO — Conor (@jconorgrogan) November 21, 2023 The C...

Binance faces a pivotal change as CEO Changpeng Zhao agrees to step down and the company prepares to pay $4.3 billion in fines, follow ing a settlement with the SEC over anti-money laundering violations. Changpeng Zhao’s decision to step down as CEO of Binance and plead guilty to violating U.S. anti-money-laundering requirements has sparked a complex interaction with U.S. regulatory bodies, particularly in the context of a substantial settlement agreement. The unfolding situation involves intricate negotiations and exchanges between Zhao, Binance and the U.S. Securities and Exchange Commission (SEC), according to sources close to the matter. The core of these discussions revolves around the specifics of the charges against Binance and its CEO, and the implications of the settlement for Binance’s future operations. Today, I stepped down as CEO of Binance. Admittedly, it was not easy to let go emotionally. But I know it is the right thing to do. I made mistakes, and I mu...