In fact, the appearance of the billionaire in court and his guilty plea did little to affect the cryptocurrency markets, and even Binance itself experienced only a mild fluctuation (by cryptocurrency standards anyway), with some arguing that this event will lead to a more positive outcome for crypto. The regulatory crackdown that has been building over the past years seems to be culminating in the toppling of some of the biggest names in the crypto exchange industry although, unlike FTX, Binance continues to operate. This dramatic announcement follows the news from earlier this month where Sam Bankman-Fried was found guilty on all instances of financial crime that had been brought against him. Regulatory consequences are coming to a head for the crypto world this week with news that Changpeng Zhao and Binance have pleaded guilty to criminal charges that include money laundering violations, violating the Bank Secrecy Act, and violating US Sanctions.
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