Binance users fear for their money after CEO resignation

The world of cryptocurrencies is like a kind of trampoline, where ups and downs are more frequent, and despite the volatility experienced by the cryptocurrency market, news about the executives of the main exchange platforms are also a common denominator of the market.

According to Cointelegraph columnist Gustavo Godoy, "Changpeng Zhao, the CEO of Binance, has resigned from his position and acknowledged his responsibility in an indictment for allowing money laundering on his platform. This accusation comes from the U.S. authorities, who have imposed an astronomical fine on him."

In Godoy's words, "The news came out and many of Binance's users panicked thinking that the story of FTX, the other exchange that had legal problems and left its customers hanging, would be repeated."

Additionally, it has been stated that "hours passed and the exchange was still running smoothly. People calmed down when they saw that there was no risk of losing their money. In fact, the price of Bitcoin, which had dropped a bit due to the news, went up again when they saw that the panic was temporary."

The truth is, "experts believe CZ's resignation is a marketing ploy. Binance has been criticized for its lack of transparency and regulation. Many governments and agencies have had their eye on its operations. CZ's resignation could be a way to show that Binance is willing to cooperate and comply with regulations."

CryptoNews. Binance: What will happen after the resignation of its CEO?. Link

The cover image does not belong to the author: @lupafilotaxia, the image was taken from: Cointelegraph