The crypto world was rocked yesterday by news of Binance's legal settlement and the resignation of its founder and former CEO, Changpeng Zhao. This development triggered a widespread decline in crypto asset prices, significantly affecting the market.
The turbulence has particularly impacted investors using high leverage, leading to a surge in liquidations. Over $200 million worth of positions were liquidated within a day due to this increased market volatility.
Adding to the upheaval, Changpeng Zhao admitted to shortcomings in implementing effective anti-money laundering measures at Binance, which also contributed to market instability. This admission coincided with a sharp drop in the price of Binance Coin (BNB), which plummeted from a high of $275 to a 20-day low of $222, losing about 20% of its value in less than 24
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First found on: 200 Million in Liquidations Following CZ's Departure from Binance
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