TechFlow news: Matrixport, a Singapore-based crypto financial services firm under Wu Jihan, stated that Binance has not been accused of misappropriating user funds, and the exchange was not involved in market manipulation. With CZ stepping down and the fine being lower than the feared $10 billion, Binance is likely to remain among the top three exchanges over the next two to three years. Regulatory pressure may push exchanges to strengthen compliance, aiding the U.S. approval of a Bitcoin ETF.
CZ's guilty plea has had limited impact on the crypto industry, as institutional demand continues to drive Bitcoin. 2024 may see the rise of regulated, compliant institutional exchanges, marking a significant transformation for the crypto sector. CZ could potentially return during the next bear market in 2026.
In addition, Matrixport noted that exchange FTX may be sold next month and operated by a management team compliant with U.S. securities laws, potentially relaunching the exchange in the third quarter of 2024.
