Key Points:
The crypto market is grappling with the aftermath of the Binance incident. Reports from Greeks.live indicate that 108,000 BTC options with a Put Call Ratio of 0.83, max pain at $33,000, and a notional value of $4.04 billion are about to expire. Additionally, 1.2 million ETH options, with a Put Call Ratio of 0.71, max pain at $1,700, and a nominal value of $2.47 billion, are nearing expiration.
Binance’s founder, Changpeng Zhao, widely known as CZ, resigned as CEO and pleaded guilty to violating US anti-money laundering regulations. The company accepted guilt for encouraging US users to conceal their locations, facilitating evasion of US anti-money laundering laws.
As part of the plea agreement, Binance faces a hefty $4.3 billion fine, covering civil charges brought by regulators. CZ himself agreed to pay a $50 million fine, with the possibility of an 18-month prison sentence pending the imminent verdict. Although he no longer has an executive role, CZ will still retain majority ownership of the company.
The Binance incident concluded a prolonged investigation into the exchange, which was established in 2017. Despite the legal setback, the plea agreement secures Binance’s operational continuity.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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