Despite Zhao plea and the severity of the charges, Binance continues to thrive in the booming cryptocurrency market, with over 40 million new users in 2023, up 30% from the previous year.
The liquid staking feature makes it so that users can engage in decentralized finance activities in quite the unusual way.
One significant point in Zhao’s favor is his extraordinary acceptance of responsibility. According to the court document, the Probation Office has recognized his conduct as “remarkable” and “exceptional”.
Former Binance CEO alias CZ will be sentenced on April 30, with the DoJ seeking a harsher punishment of 3 years.
While the $50 million penalty for Binance remains, the DOJ pushes for an aggressive stance against Binance and its top executives.
Binance said it now allows users to take up dual roles on the platform. Users can register for both lead and copy trading.
Once the farming window is closed, Binance will list the token for trading on April 30.
Apart from these setbacks in the US and the Philippines, Binance is also faced with several other regulatory hurdles threatening its operations.
Binance is gradually losing its global trading market share to its many regulatory problems and increasing competition from other exchanges.
The Nigerian government has been pushing the Binance crypto exchange to pay as much as $10B for the significant economic disruption caused.
Binance has assured users that these adjustments will not disrupt ongoing spot trading or other related functionalities.
If found guilty by Judge Richard Jones, the former Binance CEO could face up to 10 years in prison, although the sentencing guidelines recommend a jail term of 12 to 18 months.
Despite ongoing concerns about the SEC lawsuit, the detention of its executive in Nigeria, and fluctuations in Bitcoin price ahead of the halving event, Binance remains committed to driving positive developments in the crypto space.
Binance FZE, the global exchange’s Dubai arm, can now fully operate in the city after authorities awarded the company a full license.
Binance moved its SAFU funds from Bitcoin and its native coin BNB to Circle’s USDC to ensure stability and reliability.