In November 2023, Binance reached a settlement with US authorities over anti-money laundering violations. As part of the settlement, Binance CEO Changpeng Zhao pleaded guilty and resigned from his position. He was replaced by Richard Teng, a former Abu Dhabi regulator.

Following these events, the price of Binance Coin (BNB) saw a significant decline, falling to $239, with a market cap of $36.4 billion. Analysts estimate that BNB could decline by another 12%, potentially reaching the $200 area, a historical support level.

In September 2024, Changpeng Zhao was released after serving a prison sentence for regulatory violations. His early release initially caused Bitcoin and BNB to decline, followed by a 3% rebound after his initial social media post. Despite his withdrawal from Binance’s day-to-day operations, CZ remains an influential figure in the cryptocurrency ecosystem.

In November 2024, Binance announced changes to leverage and margin levels for several assets on its futures platform, including Cardano (ADA) and Shiba Inu (SHIB). These adjustments are intended to ensure market stability and balance participation between small and large traders.

These developments illustrate the regulatory challenges and strategic adjustments Binance has undertaken to strengthen its compliance and position in the cryptocurrency market.