Why BNB Was a Sickly Cryptocurrency Today
Binance Coin (CRYPTO: BNB), the cryptocurrency that undergirds Binance's associated BNB Chain, has seen its value dip along with that of its near-namesake exchange. That wasn't much of a surprise, given that Binance's founder and CEO Changpeng Zhao (widely known by his initials, CZ) pled guilty to breaking U.S. money-laundering laws and agreed to pay a very large fine.
In a federal court in Seattle Tuesday afternoon, Zhao entered his plea and assented to the penalty, which will amount to a whopping $4.3 billion for Binance. The popular exchange's leader could be sentenced to as much as 18 months in an American prison. With its prominence and popularity, Binance is sure to survive, albeit almost surely under new leadership.
And BNB Chain, described by Binance as "a community-driven, permissionless, and decentralized blockchain ecosystem," will also continue. Both, however, will be under a cloud with Zhao's admission. Both he and anything Binance will be at least partially associated with criminality.
Source Fool.com
