Binance CEO Changpeng Zhao to resign as a part of DOJ settlement: report

• Crypto flips crimson, with Bitcoin falling under $37k and BNB tanking 7% to $240 amid stories Binance CEO could resign’
• A report by Forbes recommend the DOJ will make an announcement to that impact at this time.

The cryptocurrency market was retracing sharply on Tuesday afternoon as stories surfaced that Changpeng Zhao, the founder and CEO of Binance, could step down as a part of a settlement with the US Division of Justice (DOJ).

CZ’s resignation may very well be a part of DOJ’s anticipated announcement in a while Tuesday, in accordance a report by Forbes. Richard Teng  is allegedly poised to take over.

Richard Teng A High Contender For New Binance CEO As CZ Steps Down: by @DavidJeans2 https://t.co/4iZfIsb37c

— Forbes Crypto (@ForbesCrypto) November 21, 2023

Amid the rumours and allegations, Bitcoin value fell under $37k and altcoins took a dive as Ethereum misplaced the $2k mark.  BTC fell 3% to $36,797 and ETH 4% to $1,968, whereas Binance’s native coin that had rallied only a few hours earlier, had nosedived greater than 7% to under $240 on the time of writing.

Total, the crypto market cap was down 1.7% to $1.44 trillion.

As reported yesterday, the DOJ was mentioned to be in search of over $4 billion from Binance as settlement. Now it seems Changpeng Zhao is prone to step down from the helm of the world’s largest cryptocurrency trade as a part of the deal to drop prison investigations in opposition to the trade.

An announcement by the US Lawyer Basic Merrick Garland is anticipated to disclose the bombshell, with stories suggesting CZ will plead responsible to costs levelled in opposition to him and the trade.