The recent events involving Binance, a popular cryptocurrency exchange, and U.S. federal agencies have had a significant impact on the crypto market. Binance has agreed to a $4 billion settlement with the authorities after violating finance-related laws. As a result, the market saw a decline in total market cap, with over $200 million being wiped out in the past 24 hours. Long traders lost $175.55 million, with Bitcoin and Ethereum accounting for a significant portion of these losses. Short traders also experienced liquidations, with the top two digital assets being responsible for over 50% of the losses. Other cryptocurrencies such as Solana, BNB, Dogecoin, Chainlink, XRP, and Litecoin also saw losses, albeit smaller in comparison. The majority of the liquidations occurred on Binance, OKX, and ByBit, with these three exchanges accounting for nearly 90% of the overall liquidations. Binance’s settlement and the resignation of its founder as CEO have been attributed to the market drawdown. The exchange pleaded guilty to money laundering charges and agreed to pay fines, appoint a monitor, and enhance compliance measures. Richard Teng, the former Global Head of Regional Markets, has been appointed as the new CEO. These developments have had a significant impact on the crypto market, causing traders to suffer losses and leading to a decline in the overall market cap of digital assets.

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Information	Details
Geography	North America
Countries	🇺🇸
Sentiment	negative
Relevance Score	1
People	Richard Teng, Changpeng Zhao
Companies	Deribit, Binance, Department of Justice, Litecoin, ByBit, XRP, Commodity Futures Trading Commission (CFTC), OKX, Chainlink, Dogecoin, BNB, Bitmex, Coinglass, Solana, Huobi
Currencies	Bitcoin, Ethereum, Dogecoin, BNB, Solana
Securities	None