CZ departure, Binance deal lead to purge of $175M of crypto longs

As crypto exchange Binance and the departure of its CEO Changpeng “CZ” Zhao hit the headlines in the last 24 hours, the digital asset space went into a rollercoaster mode that saw the market liquidate close to $175 million for traders betting on long positions.

On Nov. 21, developments in Binance and CZ’s case with the U.S. Department of Justice (DOJ) saw CZ announce he would plead guilty to violating Anti-Money Laundering laws and

Apart from liquidations, the news may have also affected the flow of crypto assets in the Binance exchange. According to data aggregator DefiLlama, Binance exchange asset inflows have fallen by over $1 billion in the last 24 hours. The market movements show that some traders have stopped depositing their assets into the exchange for the time being.

On Nov. 21, Binance’s BNB (BNB) token went on a rally, defying the overall market sentiment on the day. However, the rally was short-lived as news of the DOJ settlement emerged. BNB broke into a five-month high of $271.9 before falling back to $237 at the time of writing.

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