Should Justice Have Killed Binance Outright?
Plus, the universal appeal of wealth management apps.
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Should Justice Have Killed Binance Outright?
This week the U.S. Department of Justice and several other federal agencies cracked down on Binance, the world’s largest cryptocurrency exchange with the heftiest enforcement action the crypto universe has ever seen short of an actual indictment. The legal action was not unexpected, but was nonetheless breathtaking in scope. The company pleaded guilty and will pay more than $4.3 billion in fines, forfeitures and penalties. As part of the plea agreement, Binance’s legendary founder and CEO Changpeng Zhao agreed to step down and may face jail time when he appears for sentencing in February. Given Binance’s blatant and massive violations, it’s likely that the Justice Department could have shut the company down altogether. Should it have?