Changpeng Zhao’s guilty plea and resignation from Binance have caused a stir in the cryptocurrency world. Although Binance saw massive outflows over the next day, customers are unable to remove their holdings at this time.
The CEO of Alpha Lions Academy, a well-known figure in the blockchain space, Edward Farina, has used X to draw attention to the existent inconsistencies in the Binance platform. Although deposits are accepted by Binance, users are not allowed to withdraw funds via card services.
Farina’s tweet came after concerns from users of Binance who were unable to take their money out of the exchange.
As clients attempted to utilize withdrawal services, they received a message that read, “We are currently unable to provide card withdrawal services. We are working to resolve this. In the meantime, please use the alternative withdrawal channels that are available.”
Following extensive regulatory oversight, Binance and Changpeng Zhao entered guilty pleas to breaking anti-money laundering regulations and paid a $4.3 settlement. Following his resignation, Binance announced the appointment of Richard Teng as the new CEO.
