# Even the mighty Binance fell. - Durwin Ho - Medium

**Published by:** [Durwin](https://paragraph.com/@durwin/)
**Published on:** 2023-12-18
**URL:** https://paragraph.com/@durwin/even-the-mighty-binance-fell-durwin-ho-medium

## Content

CZ, the legendary founder of Binance, the world’s largest crypto exchange, just lost a hefty battle to the US gov.Seems like the US feds are voracious. They are gunning for every and anyone. Not even the world’s largest exchange is safe from them. “Karma is a bit-coin,” they say, and for Binance’s Changpeng Zhao (aka “CZ”), karma just cashed in big time. CZ’s stepping down, and Binance is shelling out a cool $4.3 billion in fines. The crypto world is ultra-dramatic and exaggerated. But even this is unprecedented and surprising in many ways. The $4B fine is absolutely insane. CZ has to pay $200M in fines. This includes $50M in criminal fines and $150M in civil penalties. The very act of catching CZ and Binance is just unthinkable.Almost everyone in Crypto is in “heaven” now.Here’s the juicy part: Binance, the Goliath of crypto exchanges, got caught with its hands in the cookie jar. The US government said, “Enough!” slapping them with charges of money laundering and helping the bad guys move their dirty money. CZ, worth over $10 billion, is now coughing up $200 million in fines. For him, that’s like flipping a coin into a wishing well. True, but its still a lot of moolah going straight to the government coffers. Binance is also waving goodbye to the US market. It’s like watching the cool kid being told to leave the party. For the next five years, Uncle Sam’s got his eye on them, making sure they play nice. Why should you care? Well, crypto’s been on a rollercoaster from hell lately. Terra, Celsius, Three Arrows Capital, FTX — it’s like watching dominoes fall. Binance seemed untouchable, but now? Not so much.The SEC is gunning for everyone now, and they really mean everyone.The whole saga reads like a Netflix special. CZ, the crypto king, knocked off his throne. His rival, Sam Bankman-Fried (SBF), might be smirking somewhere. Remember CZ was the dude that started FTX downfall with a tweet about selling all his FTX tokens. SBF blamed CZ for FTX’s collapse. Now, it is CZ’s turn. Binance was the last man standing at the crypto party, guzzling the remaining beer. But now, they’re paying the price for partying too hard. Will CZ face jail time? Unlikely.Binance is still the largest crypto exchange right now, what you gonna do?He’s chilling in the UAE, and they’re not about to hand him over to Uncle Sam. Strangely, Binance is still open for business. They’re paying up but not shutting down. It’s like getting a speeding ticket and then zooming off into the sunset as if nothing happened. So why even penalize and go through all the trouble to catch him in the first place? CZ is a Canadian and he wasn’t even physically in the US. Binance don’t even make enough in the US market to justify a presence. Why give in to the US feds? Why subject himself to their jurisdiction and penalties? This whole thing is a reality check for the wild west of crypto trading.Is the heyday of the crypto wild west over?The SEC’s already breathing down Kraken’s neck, another big fish in the crypto sea. Is it a sign that the crypto world needs to clean up its act? Or is it just another bump in the road for an industry that thrives on chaos? Are the days of the crypto wild west over? What about Coinbase? They have been very careful, respectful of the laws, following the rules and seeking permission from the feds at every turn. Will Coinbase be next in line? -Will Binance survive?- #BinanceBust #CryptoChaos #CZDownfall #RegulatoryReckoning #DigitalCurrencyDrama #CryptoCrackdown #MoneyLaunderingScandal #CryptocurrencyCrisis #BinanceFines #CZPlea #CryptoControversy #USRegulation #CryptoKarma #DigitalDollars #CryptoFuture #UnregulatedAmbition #CryptoRealityCheck #SECScrutiny #CryptoIndustry #HighStakesDigitalGame

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