Binance founder Changpeng “CZ” Zhao has pleaded guilty to money laundering charges and will step down as CEO. Binance will pay a $4.3 billion restitution for various wrongdoing, including failure to implement anti-money laundering programs. Binance will continue operating but will be subject to a three-year monitorship program. Settlements were reached with CFTC, FinCen, and OFAC, but the SEC lawsuit remains unresolved.
To know why providers don’t generally care about crypto, revisit my interview with Columbia Professor Omid Malekan. But remember, there is value in intelligently telling your customers why something isn’t for them and understanding a technology. It’s use, particularly one with a fad element, and steering your customers away.