JPMorgan Says Binance’s Record $4.3B Settlement Removes ‘Systemic Risk,’ Calls It ‘Positive’
Crypto exchange Binance’s $4.3 billion settlement with U.S. authorities marks a positive development for the company and the broader cryptocurrency sector, according to analysts at JPMorgan Chase & Co.
In a note to clients, JPMorgan said the settlement removes uncertainty surrounding Binance’s operations and should allow its trading and BNB Smart Chain businesses to benefit going forward.
“We see the prospect of settlement as positive as uncertainty around Binance itself would subside and its trading and BNB Smart Chain business would benefit,” the analysts wrote. “For crypto investors the prospect of settlement would see the elimination of a potential systemic risk emanating from a hypothetical Binance collapse.”
The settlement ends a long-running investigation into Binance over allegations of money laundering and sanctions violations. As part of the deal announced Tuesday, Binance agreed to pay $4.3 billion, one of the largest fines in U.S. corporate history.
Today, I stepped down as CEO of Binance. Admittedly, it was not easy to let go emotionally. But I know it is the right thing to do. I made mistakes, and I must take responsibility. This is best for our community, for Binance, and for myself.
Binance is no longer a baby. It is…
— CZ
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