Binance and CZ faced a trust crisis with $1B withdrawn after a guilt plea.


On November 22, 2023, after Binance founder Changpeng Zhao admitted to some of the charges and accepted punishment, many investors became worried and consequently began to withdraw their investments.

On November 23, 2023, the world's largest cryptocurrency exchange, Binance, and its founder, Changpeng Zhao, acknowledged the charges against them, resulting in a fine of up to 4.3 billion dollars.

Moreover, paying the fine does not mean the end of the turmoil. There are still uncertainties such as whether Changpeng Zhao will face imprisonment, and whether the Binance platform will be subject to stricter and more comprehensive regulation. These issues have severely damaged investors' confidence.

According to data from the cryptocurrency analytics platform Nansen, investors withdrew 956 million dollars from Binance. While this amount is not crippling for Binance's billions of dollars in assets, the loss of confidence behind it is the biggest blow.

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