Binance faces investor withdrawals after CEO pleads guilty in US probe

Investors pulled about US$956 million (S$1.28 billion) from crypto exchange Binance over the past 24 hours, market data showed, after its founder and chief executive Zhao Changpeng stepped down and pleaded guilty on Tuesday to settle a years-long US illicit finance probe. The deal, in which Binance will pay US$4.3 billion to US authorities, raises questions over the future of the world’s largest crypto exchange and marks another blow for an industry beset by scandals.

Zhao has been replaced byat the Monetary Authority of Singapore and the Singapore Exchange. It remained unclear on Wednesday how much jail time, if any, Zhao would ultimately serve, and how much influence he - as Binance’s founder and major shareholder - could continue to exert on Binance under the terms of the settlement. Some analysts also noted that the deal was unlikely to end the exchange’s US legal woes, with Securities and Exchange Commission (SEC) charges alleging Binance broke US securities laws still unresolved. “Binance is not entirely out of the wood

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