Cointime

Download App
iOS & Android

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 registering a 1.79% loss as it trades near $36,700 and altcoins reflect a slight recovery from their intraday losses.

Crypto market prices 1-hour timeframe. Source: Coin360

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 whipsawing to a 5-month high before retracing the majority of its gains and before the press conference even occurred.

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.

Binance Bitcoin net flow. Source: Glassnode

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 exchange, which named Richard Teng CEO on Nov. 21 following CZ’s resignation, reiterated the crypto community sentiment on moving forward.

Comments

All Comments

There are no comments yet, why not be the first?

Recommended for you

  • Trump: I don't expect a third term as president

    President Trump said, "I do not look forward to a third term as president."

  • BTC falls below $95,500

    the market shows that BTC has fallen below $95,500, now trading at $95,494.83, with a 24-hour decline of 0.63%. The market fluctuates greatly, so please be prepared for risk control.

  • BTC breaks through $97,000

    the market shows BTC breaking through $97,000, now trading at $97,011.43, with a 24-hour increase of 0.85%. The market is volatile, please manage risks.

  • The JuCoin ecological project JuChain has been launched on the main network, and the public chain co construction summit will be held. The ecological debut protocol is Butterfly

    Cointime News:JuCoin's self-developed public chain JuChain has been launched on the main network. The JuChain Public Chain Co construction Summit initiated by JuCoin will be held on May 15, 2025 in Bangkok, Thailand. The conference will release the first ecological agreement--

  • BTC breaks through $96,000

    the market shows that BTC has broken through $96,000 and is now trading at $96,014.98, with a 24-hour increase of 1.15%. The market fluctuates greatly, so please manage your risks well.

  • JuCoin CEO: UX design in the encryption industry needs to pay attention to user emotional details to enhance user experience

    Cointime News: JuCoin CEO Sammi Li delivered a keynote speech at the TOKEN2049 conference, analyzing the current challenges in user experience (UX) design in the cryptocurrency industry. Sammi Li believes that the existing encryption product experience fails to effectively empathize with users, often leading to usage anxiety, which hinders the large-scale adoption of Web3. Combining her rich experience in the luxury goods industry, she emphasizes that building trust relies on paying attention to user emotions and critical moments of interaction, and constructing it through details rather than simply technical presentations. JuCoin is applying these user centered design principles to its Web3 ecosystem construction, aiming to lower user barriers and enhance user experience by optimizing JuChain and related product designs. It calls on the encryption industry to think together and place user experience at a more core position.

  • Xiongan New Area: Combining blockchain with digital RMB to launch "Digital Currency Loan" product, with payment amount of nearly 100 million yuan

    On January 11th, according to the Xiong'an Public Account, the digital RMB pilot in Xiong'an New Area has achieved new results. The first digital RMB tax payment transaction in the financial field has been completed, and self-service tax terminals have been developed. The "blockchain + digital RMB" technology is applied to government procurement management, increasing the proportion of advance payment and landing multiple applications to solve corporate problems. In 2024, the People's Bank of China Xiong'an New Area Branch, together with the Xiong'an New Area Reform and Development Bureau, will launch the "Implementation Plan for the Deepening of the Pilot Work of Digital RMB in the Rongdong Area", to enhance public awareness. By combining blockchain with digital RMB, the "digital currency loan" product will be launched, with a payment amount of nearly 100 million yuan.

  • Fardi Wang, Chairman of NEXUS 2140: AI•Web3•Ecom Global Expo, Made Appearance at Meta Crypto Oasis 2025 in Dubai

    Fardi Wang, Chairman of NEXUS 2140: AI•Web3•Ecom Global Expo, recently appeared at the Meta Crypto Oasis 2025 in Dubai, joining global Web3 leaders such as Justin Sun (Founder of TRON) and Chris (Co-founder of Sonic) to discuss the future of the industry. As the first cross-industry event integrating AI, Web3, and E-commerce, NEXUS 2140 is accelerating its international expansion through Fardi Wang’s active participation. At the summit, Fardi Wang emphasized that the integration of virtual and real-world assets is the key breakthrough for the Web3 ecosystem. He mentioned: “NEXUS 2140 is leveraging Korea’s policies, technological strengths, and ecosystem advantages to build a global industrial hub.” His insights received strong recognition from attendees, and the Dubai visit further amplified the international influence of the event, injecting new momentum into global digital economy collaboration.

  • Cointime July 7th News Express

    1, Ethereum L2 TVL rebounds slightly to above $39 billion

  • Binance: Bitcoin miners record longest streak of net selling since 2017

    Binance released its market insights for July, including: