Due to the settlement with the United States Department of Justice, Binance had to pay $4.3 billion. Under this agreement, Changpeng Zhao had to resign from the post of CEO of Binance. However, Zhao's shares in the firm remain intact. It is noteworthy that after Changpeng Zhao resigned from the post of CEO of Binance, the former global head of the exchange, Richard Teng was made the new CEO of the company. After this major incident in Binance, there was a continuous decline in the market share of the exchange.
In the year 2023, while crypto exchange Binance closed its operations in many countries citing regulation related problems, there were some countries that banned Binance. These countries also include India, which banned 9 foreign crypto exchanges in India, including Binance. The Indian government has removed the apps of 9 crypto exchanges including Binance from Google Play Store and Apple App Store for Indian users. Earlier, the Ministry of Finance had issued notices to these 9 offshore exchanges for not being registered with FIU. It is noteworthy that the 9 foreign crypto exchanges to which the notice was issued include Kucoin, Kraken, Bittrex, Bitstamp, Gate.io, Huobi, MEXC Global and Bitfinex along with Binance.
Also Read: Crypto Investors Look to Union Budget for Regulatory Updates