Crypto markets mixed as traders digest DOJ action against Binance, CZ
Crypto markets were subjected to a heavy dose of volatility on Nov. 21 as the United States Department of Justice (DOJ), Commodity Futures Trading Commission (CFTC) and U.S. Treasury announced a $4.3-billion settlement with Binance and that former Binance CEO Changpeng Zhao will plead guilty to one felony charge as part of a settlement over criminal and civil cases with the cryptocurrency exchange.
United States Attorney General Merrick Garland announced that the DOJ reached a $4.3 billion resolution with Binance and CZ. The agreement required CZ to plead guilty to willfully violating the Bank Secrecy Act.
In addition to the financial penalties, Garland stated,
“Moving forward, Binance must file the suspicious activity reports that were required by law. The company is required to review past transactions and report suspicious activity to federal authorities. This will advance our criminal investigations into malicious cyber activity and terrorism fundraising, including the use of cryptocurrency exchanges to support groups such as Hamas.”
At the time of publishing, price action within the crypto market continues to fluctuate, with Bitcoin (BTC) registering a 1.79% loss as it trades near $36,700 and altcoins reflect a slight recovery from their intraday losses.
The whipsaw price action within the market reflects market participants’ attempt to digest the details of the Nov. 21 U.S. enforcement action against the cryptocurrency industry.
While the crypto market doesn’t have an opening bell like Wall Street, market participants and traders were broadly aware of the settlement, and prices had already reacted before the press conference by Garland, with Binance Coin (BNB) whipsawing to a 5-month high before retracing the majority of its gains and before the press conference even occurred.
Related: BNB price pops, then drops, following news of DOJ-Binance settlement
Despite the negative news regarding Binance, the exchanges’ users are not rushing to exit the platform or from centralized exchanges in general. According to Glassnode, the net Bitcoin position change on Binance is far below January and July numbers.
Despite the negative reporting, the crypto community is cheering on the decision as closing a chapter and hopeful that the entire industry can move forward in a positive manner.
Binance derisking is one of the biggest catalysts we could have in crypto.
+ Crypto is a “real” industry post $4 billion settlement
+ CZ takes a long-needed Miami vacation a la Arthur
+ Market rips higher, ETFs approved in Jan
+ GOP wins 2024 election, crypto laws passedCZ
— Ryan Selkis (d/acc) (@twobitidiot) November 21, 2023
Binance exchange, which named Richard Teng CEO on Nov. 21 following CZ’s resignation, reiterated the crypto community sentiment on moving forward.
We’re pleased to share we’ve reached resolution with several US agencies related to their investigations.
This allows us to turn the page on a challenging yet transformative chapter of learning that has helped us become stronger, safer, and an even more secure platform.
— Binance (@binance) November 21, 2023
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Homelessness minister Rushanara Ali has resigned after reportedly hiking the rent on a property she owns by hundreds of pounds – something described by one of her tenants as “extortion”.
That was just weeks after the previous tenants’ contract ended, The i Paper said.
Four tenants who rented a house in east London from Ms Ali were sent an email last November saying their lease would not be renewed, and which also gave them four months’ notice to leave, the newspaper reported.
The property was then re-listed with a £700 rent increase within weeks, the publication added.
In a letter to the prime minister, Ms Ali said that remaining in her role would be a “distraction from the ambitious work of this government”.
She added: “Further to recent reporting, I wanted to make it clear that at all times I have followed all relevant legal requirements.
“I believe I took my responsibilities and duties seriously, and the facts demonstrate this.”
Laura Jackson, one of Ms Ali’s former tenants, said she and three others collectively paid £3,300 in rent.
Weeks after she and her fellow tenants had left, the self-employed restaurant owner said she saw the house re-listed with a rent of around £4,000.
“It’s an absolute joke,” she said. “Trying to get that much money from renters is extortion.”
Sir Keir Starmer said Ms Ali’s work in government would leave a ‘lasting legacy’. Pic: PA
Ms Ali’s house, rented on a fixed-term contract, was put up for sale while the tenants were living there, and was only relisted as a rental because it had not sold, according to The i Paper.
The government’s Renters’ Rights Bill includes measures to ban landlords who end a tenancy to sell a property from re-listing it for six months.
The Bill, which is nearing its end stages of scrutiny in Parliament, will also abolish fixed-term tenancies and ensure landlords give four months’ notice if they want to sell their property.
Something Sir Keir’s increasingly unpopular government could have done without
Rushanara Ali’s swift and humiliating demise is a classic example of paying the price for the politician’s crime of “Do as I say, not as I do”.
She was Labour’s minister for homelessness, for goodness’ sake, yet she ejected tenants from her near-£1m town house then hiked the rent.
A more egregious case of ministerial double standards it would be difficult to imagine. She had to go and was no doubt told by 10 Downing Street to go quickly.
MP for the East End constituency of Bethnal Green and Stepney, Ms Ali was the very model of a modern Labour minister: a degree in PPE from Oxford University.
In her resignation letter to Sir Keir Starmer, she said she is quitting “with a heavy heart”. Really? She presumably didn’t have a heavy heart when she ejected her four tenants.
She’d previously spoken out against “private renters being exploited” and said the government would “empower people to challenge unreasonable rent increases”.
She was charging her four former tenants £3,300 a month. Yet after they moved out, she charged her new tenants £4,000, a rent increase of more than 20%.
In an area represented by the left-wing firebrand George Galloway from 2005 to 2010, Ms Ali had a majority of under 1,700 at the election last year.
Ominously for Labour, an independent candidate was second and the Greens third. No doubt Jeremy Corbyn’s new party will also stand next time.
In her resignation letter to the PM, Ms Ali said continuing in her ministerial role would be a distraction. Too right.
A distraction Sir Keir and his increasingly unpopular government could have done without.
Responding to her resignation, shadow housing secretary Sir James Cleverly said: “I said that her actions were total hypocrisy and that she should go if the accusations were shown to be true.”
A Liberal Democrat spokesperson said: “Rushanara Ali fundamentally misunderstood her role. Her job was to tackle homelessness, not to increase it.”
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Previously, a spokesperson for Ms Ali said the tenants “stayed for the entirety of their fixed term contract, and were informed they could stay beyond the expiration of the fixed term, while the property remained on the market, but this was not taken up, and they decided to leave the property”.
The prime minister thanked Ms Ali for her “diligent work” and for helping to “deliver this government’s ambitious agenda”.
Sir Keir Starmer said her work in putting in measures to repeal the Vagrancy Act would have a “significant impact”.
And he said she had been trying to encourage “more people to engage and participate in our democracy”, something that would leave a “lasting legacy”.
Politics
Rushanara Ali: Humiliating demise for Labour minister after a most egregious case of double standards
Rushanara Ali’s swift and humiliating demise is a classic example of paying the price for the politician’s crime of “do as I say, not as I do”.
She was Labour’s minister for homelessness, for goodness’ sake, yet she ejected tenants from her near-£1m town house and then hiked the rent.
Politics Hub: Minister’s resignation as it happened
A more egregious case of ministerial double standards it would be difficult to imagine. She had to go and was no doubt told by 10 Downing Street to go quickly.
Rushanara Ali reportedly hiked the rent on a property she owns. Pic: PA
‘A heavy heart’ – really?
MP for the East End constituency of Bethnal Green and Stepney, Ms Ali was the very model of a modern Labour minister: A degree in PPE from Oxford University.
In her resignation letter to Sir Keir Starmer, she said she is quitting “with a heavy heart”. Really? She presumably didn’t have a heavy heart when she ejected her four tenants.
She’d previously spoken out against “private renters being exploited” and said her government would “empower people to challenge unreasonable rent increases”.
The now former minister was charging her four former tenants £3,300 a month. Yet after they moved out, she charged her new tenants £4,000 – a rent increase of more than 20%.
Read more politics news:
Fact-checking Farage’s claims
Why chancellor has little to cheer
The report about the Labour MP first emerged in the i newspaper. Pic: UK Parliament
A fragile constituency for Labour?
In an area represented by the left-wing firebrand George Galloway from 2005 to 2010, Ms Ali had a majority of under 1,700 at the election last year.
Ominously for Labour, an independent candidate was second and the Greens third. No doubt Jeremy Corbyn’s new party will also stand next time.
In her resignation letter to the PM, Ms Ali said continuing in her ministerial role would be a distraction. Too right.
A distraction Sir Keir and his increasingly unpopular government could have done without.
Federal Reserve Board of Governors member Adriana Kugler announced her resignation on Aug. 1, paving the way for a Trump nominee at the US central bank.
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