Investors pulled about $956 million from crypto exchange Binance over the past 24 hours, market data showed, after its chief, Changpeng Zhao, stepped down and faced prison time after pleading guilty on Tuesday to settle a years-long U.S. illicit finance probe.
Highlights
- Investors pull $956 million from Binance over the past 24 hours, market data shows.
- Deal raises questions over future of world’s largest crypto exchange and marks another blow for an industry beset by scandals.
- Binance chief Changpeng Zhao has been replaced by Richard Teng, a senior Binance executive who joined in 2021.
- It remains unclear how much jail time, if any, Zhao would ultimately serve, and how much influence he could continue to exert on Binance under the terms of the deal.
- Zhao, who resides in the United Arab Emirates (UAE), entered his plea in a Seattle court on Tuesday.
- He faces a maximum prison sentence of 18 months under federal guidelines.
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