Bring Back Tone Vays: Binance Loses to the U.S., Libertarian President, Altman Did Not Leave
Topics: Binance–DoJ deal, CZ departure, Altman firing, Milei libertarian president.
“Bring Back Tone Vays” — a news podcast with the ForkLog editors and friends about the main industry events of the week.
The topics: the Binance–U.S. Department of Justice deal, CZ’s departure, the firing of OpenAI CEO Sam Altman, Javier Milei—the first libertarian president.
Participants: Lena Jess, Vasiliy Smirnov.
Special guest: Evgeny Romanenko, Austrian-school economist, host of crypto events, ambassador for the Trustee crypto wallet and media host in the DAO Envelop.
Host: Aremefe.
Standoff Between the DoJ and Binance
The standoff between Binance and the U.S. Department of Justice has rapidly progressed: on November 21, in a deal with the government, the exchange agreed to pay penalties totaling $4.3 billion, and its CEO Changpeng Zhao stepped down. He personally owes a $50 million penalty.
The exchange’s new chief executive is Richard Teng. He joined Binance in 2021 and, before the appointment, led the operations of all of the company’s non-U.S. divisions.
ForkLog gathered comments from experts on the possible developments of the situation. It appears regulatory pressure on other major exchanges could intensify. Prosecution of Zhao, commentators say, is unlikely:
“It is entirely clear that they reached a deal, and the record $4 billion penalty undoubtedly includes Zhao not facing any personal liability. It is evident that the fine was paid with client funds, but for a giant like this it is still not a critical amount,” commented Sergey Mendeleev, CEO of Indefibank.
What with Altman
On November 17, OpenAI announced the firing of chief executive Sam Altman. Some employees left the company in protest, and users and investors were surprised by the unexpected turn of events. By November 22, the decision had been reversed and Altman returned to the post of CEO.
The new board promised to conduct an investigation into the incident.
Libertarian President
Argentina’s president became a libertarian and bitcoin advocate Javier Milei. He is known for his sharp critique of the central bank — he called it “the mechanism by which policymakers defraud good people through the inflation tax.” Milei sees Bitcoin as “money returned to its original creator — the private sector.”
ForkLog gathered opinions from crypto community representatives on how the election of a president with radical views will affect the state of the industry.
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