Binance Coin price fell by 8.39% in the past hour to trade at $244 as Changpeng Zhao, the CEO of the world’s biggest cryptocurrency exchange and the parent company of the altcoin Binance, resigned on Tuesday.
BNB/USD 1-hour chart
Zhao is currently facing charges of violating criminal anti-money laundering requirements, to which he also pleaded guilty following his resignation.Additionally, Binance also agreed to pay $4.3 billion as a fine in order to settle the case with the government of the
United States, making it one of the largest settlements in the history of the crypto industry, if not the largest.
Following the price crash, traders that had long contracts open on BNB witnessed mass liquidation.At the time of writing, BNB long liquidations neared $3 million in the same hour of the Binance news coming out.
Binance Coin long liquidations
This is a developing story and will be updated as more details come out.
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