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

• Crypto flips red, with Bitcoin falling below $37k and BNB tanking 7% to $240 amid reports Binance CEO may resign’
• A report by Forbes suggest the DOJ will make an announcement to that effect today.

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

CZ’s resignation could be part of DOJ’s anticipated announcement later on Tuesday, according a report by Forbes. Richard Teng  is allegedly poised to take over.

Richard Teng A Top 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 price fell below $37k and altcoins took a dive as Ethereum lost the $2k mark.  BTC fell 3% to $36,797 and ETH 4% to $1,968, while Binance’s native coin that had rallied just a few hours earlier, had nosedived more than 7% to below $240 at the time of writing.

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

As reported yesterday, the DOJ was said to be looking for over $4 billion from Binance as settlement. Now it appears Changpeng Zhao is likely to step down from the helm of the world’s largest cryptocurrency exchange as part of the deal to drop criminal investigations against the exchange.

An announcement by the US Attorney General Merrick Garland is expected to reveal the bombshell, with reports suggesting CZ will plead guilty to charges levelled against him and the exchange.