Binance agreed to pay over $4 billion in fines and consented to have a government-approved monitor oversee the firm’s activities. But people inside Binance and around the crypto world say the firm faces stiff challenges in its new incarnation. The new regime at Binance will force a significant shift in how the firm operates. At a virtual all-hands meeting the day after he pleaded guilty, Yi He joked that Zhao had been bottomed out, according to people present. In a note to staff, Zhao told employees that Binance would be fine and that he would survive.

Source: Wall Street Journal November 29, 2023 14:20 UTC