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.
Roman Storm’s trial verdict leaves the door open for US prosecutors to retry the Tornado Cash developer, attorneys said.
Politics
Diane’s husband was killed by a reckless driver – the wait for justice was almost as painful
Diane Gall’s husband, Martyn, had been out on a morning bike ride with his friends on their usual route one winter morning in November 2020 – when he was killed by a reckless driver.
Diane and her daughters had to wait almost three years for her husband’s case to be heard in court.
The case was postponed three times, often without warning.
“You just honestly lose faith in the system,” she says.
“You feel there’s a system there that should be there to help and protect victims, to be victims’ voices, but the constant delays really take their toll on individuals and us as a family.”
Diane Gall
The first trial date in April 2022 was cancelled on the day and pushed four months later.
The day before the new date, the family were told it wasn’t going ahead due to the barristers’ strike.
It was moved to November 2022, then postponed again, before eventually being heard in June the following year.
“You’re building yourself up for all these dates, preparing yourself for what you’re going to hear, reliving everything that has happened, and it’s retraumatising,” says Diane.
Diane Gall’s husband, Martyn
‘Radical’ reform needed
Diane’s wait for justice gives us an insight into what thousands of victims and their families are battling every day in a court system cracking under the weight of a record-high backlog.
There are 76,957 cases waiting to be heard in Crown Courts across England and Wales, as of the end of March 2025.
To relieve pressure on the system, an independent review by Sir Brian Leveson last month made a number of recommendations – including creating a new division of the Crown Court known as an intermediate court, made up of a judge and two magistrates, and allowing defendants to choose to be tried by judge alone.
He said only “radical” reform would have an impact.
Please use Chrome browser for a more accessible video player
Will court reforms tackle backlog?
But according to exclusive data collected for Sky News by the Law Society, there is strong scepticism among the industry about some proposed plans.
Before the review was published, we asked 545 criminal lawyers about the idea of a new tier to the Crown Court – 60% of them told us a type of Intermediate Court was unlikely to reduce the backlog.
“It’s moving a problem from one place to another, like moving the deck chairs on the Titanic. It’s not going to do anything,” says Stuart Nolan, chair of the Law Society’s criminal law committee.
“I think the problem with it is lack of resources or lack of will to give the proper resources.
“You can say we need more staff, but they’re not just any staff, they are people with experience and training, and that doesn’t come quickly or cheap.”
Instead, the lawyers told us creating an additional court would harm the quality of justice.
Chloe Jay, senior partner at Shentons Solicitors, agrees the quality of justice will be impacted by a new court division that could sit without a jury for some offences.
She says: “The beauty of the Crown Court is that you have two separate bodies, one deciding the facts and one deciding law.
Casey Jenkins, president of London Criminal Court Solicitors’ Association
“So the jury doesn’t hear the legal arguments about what evidence should be excluded, whether something should be considered as part of the trial, and that’s what really gives you that really good, sound quality of justice, because you haven’t got one person making all the decisions together.
“Potentially in an intermediate court, that is what will happen. The same three people will hear those legal arguments and make the finding of guilt or innocence.”
The most striking finding from the survey is that 73% of criminal lawyers surveyed are worried about offences no longer sitting in front of a jury.
Casey Jenkins, president of London Criminal Court Solicitors’ Association, says this could create unconscious bias.
“There’s a real risk that people from minority backgrounds are negatively impacted by having a trial by a judge and not a jury of their peers who may have the same or similar social background to them,” she says.
“A jury trial is protection against professional judicial decisions by the state. It’s a fundamental right that can be invoked.”
Instead of moving some offences to a new Crown Court tier, our survey suggests criminal lawyers would be more in favour of moving cases to the magistrates instead.
Under the Leveson proposals, trials for offences such as dangerous driving, possessing an offensive weapon and theft could be moved out of the Crown Courts.
‘Catastrophic consequences’
Richard Atkinson, president of the Law Society, says fixing the system will only work with fair funding.
“It’s as important as the NHS, it’s as important as the education system,” he says. “If it crumbles, there will be catastrophic consequences.”
Ms Jenkins agrees that for too long the system has been allowed to fail.
“Everyone deserves justice, this is just not the answer,” she says.
“It’s just the wrong solution to a problem that was caused by chronic, long-term under-investment in the criminal justice system, which is a vital public service.
“The only way to ensure that there’s timely and fair justice for everybody is to invest in all parts of the system from the bottom up: local services, probation, restorative justice, more funding for lawyers so we can give early advice, more funding for the police so that cases are better prepared.”
Government vows ‘bold and ambitious reform’
In response to Sky News’ findings, the minister for courts and legal services, Sarah Sackman KC MP, told Sky News: “We inherited a record and rising court backlog, leaving many victims facing unacceptable delays to see justice done.
“We’ve already boosted funding in our courts system, but the only way out of this crisis is bold and ambitious reform. That is why we are carefully considering Sir Brian’s bold recommendations for long-term change.
“I won’t hesitate to do whatever needs to be done for the benefit of victims.”
The driver that killed Diane’s husband was eventually convicted. She wants those making decisions about the court system to remember those impacted the most in every case.
Every victim and every family.
“You do just feel like a cog in a big wheel that’s out of your control,” she says. “Because you know justice delayed is justice denied.”
South Korea’s KakaoBank is looking at services for the issuance and custody of stablecoins with plans to “actively participate” in the crypto market.
-
Sports3 years ago‘Storybook stuff’: Inside the night Bryce Harper sent the Phillies to the World Series
-
Sports1 year agoStory injured on diving stop, exits Red Sox game
-
Sports2 years agoGame 1 of WS least-watched in recorded history
-
Sports2 years agoMLB Rank 2023: Ranking baseball’s top 100 players
-
Sports4 years ago
Team Europe easily wins 4th straight Laver Cup
-
Sports2 years agoButton battles heat exhaustion in NASCAR debut
-
Environment2 years agoJapan and South Korea have a lot at stake in a free and open South China Sea
-
Environment2 years agoGame-changing Lectric XPedition launched as affordable electric cargo bike