Binance, the world’s largest cryptocurrency exchange, has been making headlines lately. Because the eventful resignation of former CEO Changpeng Zhao was on the agenda of the market. Zhao wrote an emotional note to his former colleagues after the separation. However, the former SEC chairman sees the development from a different perspective.
CZ wrote an emotional note letter!
As you follow from Kriptokoin.com, Binance’s former CEO Changpeng Zhao resigned from his position as CEO. This news stunned the cryptocurrency world. This development comes on the heels of Zhao being found guilty of violating the Bank Secrecy Act. In an internal memo to company staff, Zhao conveyed a mix of determination and acceptance of the challenges ahead. According to Wu Blockchain’s post, the former CEO of Binance said in the note, “I will have to deal with some pain. However, I will survive.” said. He also reassured the team amidst the turbulent turn of events.
Exclusive: Binance founder Zhao Changpeng CZ issued an internal letter saying "I will have to deal with some pain, but will survive", quoting Star Trek (2009) , "l need everyone to continue performing admirably". pic.twitter.com/m9w4hywIPm
— Wu Blockchain (@WuBlockchain) November 22, 2023
The note from the former Binance CEO appeared to bid farewell to a resilient leader, expressing the need for a break and expressing gratitude to the team for steering the ship through a turbulent time. Zhao’s poignant message resonated with both a sense of personal distress and the promise of resilience in the face of impending challenges.
Binance deal is a “win-win” situation for the SEC!
The former SEC official went into detail about how the Binance decision will help the SEC fight future cases involving crypto exchanges. Meanwhile, the SEC did not take part in the press conference regarding the decision. But even so, John Reed Stark, former Chief of the SEC’s Office of Internet Enforcement, argues that the SEC has scored a significant win. Stark says the Binance-related dealings provide the SEC with a wealth of new evidence. He states that in the future, he will strengthen his accusations and claims against Binance and other crypto firms. Because the new evidence you will obtain from various documents and defenses will support the SEC’s stance on crypto.
The appointment of independent monitors by the DOJ, FinCEN, CFTC and the Treasury Department to Binance was productive. Proctors played a vital role in Binance’s decision. These monitors, charged with ensuring compliance and reporting to the government, present a unique opportunity for the SEC. Stark says the watchdogs will likely serve as conduits for the SEC to gather additional evidence. Observers will ask questions, request documents, and potentially even present observers as witnesses in relevant proceedings.
Former SEC chairman shines spotlight on jurisdictional collaboration
John Reed Stark notes the extraordinary level of cooperation mandated by all federal government orders. It’s possible that this significant level of cooperation could be punishing for Binance and its CEO CZ. It’s also likely to create opportunities for the SEC. It is possible that cooperation requirements can serve as leverage during investigations or disputes. Fear of SEC complaints about lack of cooperation will push Binance to comply. This will at least prevent additional fines or penalties.
Additionally, Stark notes that the filing of SARs required by the FinCEN Consent Decree presents a steady stream of leads for the SEC. With access to SARs, it’s possible that new reports on Binance will provide an endless stream of evidence for SEC investigators and plaintiffs.
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