What is Binance, why did the world’s largest cryptocurrency exchange plead guilty?
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The world's largest cryptocurrency exchange by trade volume, Binance, came under regulatory scrutiny earlier this year when the US Department of Justice (DOJ), along with the Commodity Futures Trading Commission (CFTC) cracked down on the company's lack of regulatory and legal mechanisms to prevent transactions made to fund terrorism, drug deals, and other illegal activities, as per the agencies. On Tuesday, the CEO of the company, Changpeng Zhao, pleaded guilty and agreed on a settlement worth 4.3 billion dollars.But if you are unfamiliar with the world of crypto and want to know what is Binance, the reasons for it to plead guilty, and how this decision may impact the crypto industry in the future, then here is a quick guide. Let us take a look. What is Binance?Binance, a crypto...