May 22 2022: Bill Gates reveals why he doesn’t own cryptocurrency

Back in May 22 2022: Bill Gates reveals why he doesn’t own cryptocurrency

Bill Gates, the world's fourth richest man, revealed that he does not own any cryptocurrency because he prefers investments that have valuable output. He believes that the value of companies is based on how they create great products, while the value of crypto is dependent on what someone else is willing to pay for it, not adding to society like other investments.

Cryptocurrencies have experienced a significant decrease in value in 2022, with $1 trillion being wiped off their worth. Warren Buffett, CEO of Berkshire Hathaway, shares a similar skepticism towards crypto, stating that it doesn't produce anything.

Fast forward to Nov 21 2023: Binance slapped with $4B fine, accepts plea deal forcing CEO to resign

Binance CEO Changpeng Zhao has resigned after agreeing to plead guilty to money laundering violations. The US Department of Justice announced that Binance will pay a $4.3 billion fine and Zhao will pay a $50 million fine. The settlement concludes a three-year investigation that found "willful failures" allowing illegal money flow through the platform.

Binance was also charged by the Securities and Exchange Commission for violating securities laws. Zhao will be temporarily barred from working at Binance, and an independent compliance monitor will be appointed. This penalty marks a milestone for the cryptocurrency industry, says US Treasury Secretary Janet Yellen.

What does the resignation of Binance's CEO and the historic penalties imposed on the cryptocurrency exchange say about the need for regulation and compliance in the virtual currency industry?