Binance CEO Changpeng Zhao is set to resign as part of the DOJ settlement, according to the report.
Crypto turns red, Bitcoin falls below $37k and BNB tanks 7% to $240 among reports Binance CEO may leave' A report by Forbes suggests that the DOJ will make an effective announcement today.
The cryptocurrency market was quickly recovering when reports surfaced that Binance founder and CEO Changpeng Zhao may step down as part of a settlement with the US Department of Justice (DOJ).
CZ's resignation may be part of the DOJ's anticipated announcement on Tuesday, Forbes reports. Richard Teng is said to be set to take over.
Richard Teng Top contender for new Binance CEO as CZ steps down: via @DavidJeans2
— Forbes Crypto (@ForbesCrypto) November 21, 2023
Amidst the rumors and lawsuits, the price of Bitcoin fell below $37k and altcoins plunged as Ethereum missed the $2k mark. BTC fell 3% to $36,797 and ETH 4% to $1,968, while Binance's native coin, which rallied a few hours ago, is down more than 7% to $240 at the time of writing.
The overall crypto market cap fell 1.7% to $1.44 trillion.
As reported yesterday, the DOJ is reportedly seeking more than $4 billion from Binance as a settlement. Now it looks like Changpeng Zhao may step down as the head of the world's largest cryptocurrency exchange as part of a deal to avoid criminal investigations into the exchange.
US Attorney General Merrick Garland's announcement is expected to reveal the bombing, and reports suggest that CZ will plead guilty to the charges against him and a variety of charges.
