- The judge accepted CZ’s guilty plea to violating the Bank Secrecy Act.
- The BNB funding rate remained positive.
The Binance [BNB] the controversy continues and there has recently been an update involving former CEO Chanpeng Zhao.
Guilty plea accepted
Numerous reports and a recent one reviewed court document confirm that former Binance CEO Chanpeng Zhao has accepted his guilty plea.
In a filing dated Dec. 6 in a Seattle court, Judge Richard Jones acknowledged Zhao’s guilty plea to one count of violations of the Bank Secrecy Act.
Source: Pacer
The plea was filed several weeks ago and coincided with Binance’s $4.3 billion settlement with US agencies. This also led to Zhao stepping down as CEO and agreeing to pay $150 million to regulators as part of the settlement terms.
Additionally, sentencing has been set for February 23, 2024. While Zhao has been released on bail pending sentencing, prosecutors are seeking to enforce his presence in the US until the sentencing date.
The previous revelation about Zhao and Binance caused a significant drop in BNB’s value.
Reaction from the Binance Coin?
Upon initial examination of the daily timeframe chart for Binance Coin (BNB), there does not appear to be any significant reaction.
In contrast to the 10.8% decline around November 21, the current trajectory seemed like a standard market trend.
At the close of trading on December 6, BNB was down less than 1% at around $229. At the time of writing this article, the stock was up modestly by over 1%, trading around $232.
Source: TradingView
While the $250 price range has yet to recover, BNB has consistently held within the $200 price range.
The observed trend indicates that the recent development has not materially affected the price trajectory. However, the potential impact of the sentencing hearing on BNB’s flow remains uncertain.
Binane traders remain optimistic
A Binance BNB funding interest chart on Mint glass showed an overwhelmingly positive sentiment towards the asset.
The coverage ratio has consistently maintained a positive trend, reaching one of the highest points in recent months at 0.04%. At the time of writing this was approximately 0.01%.
Read Binance Coin (BNB) price prediction 2023-24
The continued positive state and trend of the funding rate suggest that traders are optimistic and believe that the price of BNB could continue to rise.
This sentiment may stem from expectations that BNB will restore the price range it had before the Zhao developments.
