Binance CEO steps down amid guilty plea


TheStreet’s J.D. Durkin brings the latest business headlines from the floor of the New York Stock Exchange as markets close for trading Tuesday, November 21st. 

Full Video Transcript Below:

J.D. DURKIN: I’m J.D. Durkin reporting from the New York Stock Exchange.

Stocks were in the red to close out today’s session. The Dow closed down over 60 points, the Nasdaq closed down nearly six tenths of a percent, and the S&P closed two tenths of a percent lower. Investors are reacting to minutes from the Federal Reserve’s November meeting.

The Fed indicated that it would need to keep rates high amid concerns that inflation could persist. As of now, markets are pricing in a 95 percent chance that the Fed will hold rates steady at its December meeting. Interest rates currently sit at a 22-year high.

In other news, just weeks after FTX founder Sam Bankman-Fried was found guilty of fraud, another crypto king is under fire from the U.S. Department of Justice. Binance CEO Changpeng Zhao is expected to plead guilty for money laundering. Binance is the world’s largest cryptocurrency exchange.

As part of the settlement, Zhao will step down from his role at Binance, and the company will pay a $4.3 billion fine. Of the charges, prosecutors said, quote “In part because of this scheme – and because defendant prioritized growth, market share, and profits over compliance with U.S. law – Binance became the largest cryptocurrency exchange in the world.”

The Department of Justice is also calling for Zhao himself to plead guilty and pay a $50 million fine for violating the Bank Secrecy Act. The now former CEO has a net worth of more than $23 billion.

That’ll do it for your daily briefing. From the New York Stock Exchange, I’m J.D. Durkin with TheStreet.


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