The crypto community on social media has been mostly positive about the news of a deal between Binance, CZ, and the U.S. Department of Justice (DOJ), hoping it will clear up the final hurdle before the long-awaited spot Bitcoin ETF is approved. One of the obstacles.
The $4.3 billion U.S. settlement with Binance, the world’s largest cryptocurrency exchange, over violations of U.S. anti-money laundering laws includes a plea deal in which former CEO Changpeng Zhao “CZ” agreed to step down as the exchange’s chief executive official position.
News of the deal and the CEO’s departure led to a market correction, with about $175 million worth of leveraged cryptocurrency positions being liquidated and nearly $1 billion of crypto assets flowing out of cryptocurrency exchanges.
More than $1 billion in capital outflows @binance in the past 24 hours pic.twitter.com/nNMa10gtfg
— Pledditor (@Pledditor) November 22, 2023
Aside from the minor market correction, most in the crypto community view the settlement with the Department of Justice and CZ’s plea agreement as a huge win for exchanges and the crypto industry. Many critics have previously claimed that the U.S. pursuit of Binance would end control of the cryptocurrency exchange.
This is the greatest victory in CZ’s life.
Absolute 3D chess master.The U.S. Department of Justice and the U.S. Securities and Exchange Commission have been Binance’s biggest risks since day one. CZ’s biggest threat. Dragon on the horizon.
Now, after years of uncertainty, the Justice Department has finally been silenced. The dragon was slain…
— Cole Garner (@ColeGarnersTake) November 22, 2023
Many are calling Binance’s settlement with the Department of Justice the final step for the SEC approve Bitcoin Exchange Traded Fund (ETF). Overall, the crypto community sees the deal as a win-win situation for the crypto ecosystem and a bullish catalyst for the next bull market.
Sweet baby Jesus, this is bullish! Binance’s settlement with the Department of Justice removes the bearish scenario. I think a Bitcoin spot ETF is about to be approved.
When we start to move higher and excitement returns, don’t forget to take profits! https://t.co/LCokdV7Y7E
— Tony Edwards (Thinking Crypto Podcast) (@ThinkingCrypto1) November 21, 2023
Not everyone in the crypto community is optimistic about Binance’s settlement with the Department of Justice. Some have commented that the cryptocurrency community is still awaiting action from the SEC, which may prove to be a tougher battle as it refuses to settle with Binance and other agencies.
Seeing a ton of bullish posts on my timeline.
I think people don’t understand the situation…
It’s clear that Binance will settle and pay a hefty fine. But that doesn’t mean everything is sunny ahead. Remember, the SEC/DOJ is focusing all their firepower on Binance, now… pic.twitter.com/cgpDElDqRR
— ImNotTheWolf (@ImNotTheWolf) November 22, 2023
However, the SEC’s lawsuit is a civil lawsuit, and analysts believe that the DOJ’s settlement means that Binance and the crypto industry have removed the biggest obstacle to the launch of the bull market.
others Comparison of Binance reached a settlement with the BitMEX exchange, and then-CEO Arthur Hayes admitted to violating anti-money laundering laws and resigned as CEO. He was later sentenced to two years’ probation, avoiding a possible six to 12 months in prison.
Svlook
