From my memory, when CZ said something regarding Binance, it got executed, even if he only said it on X. That shows his authority as a CEO was not contested and probably his decisions were law.
But did anyone else have any say in the general directions Binance took?
I didn't check, but who is the new CEO? Is it someone close to CZ or from the Binance leadership or someone who came out of the blue?
Why am I interested in this? I wonder if with CZ gone and with Binance slapped with a hefty fine, it returned to the "good" side of force or it will still be treated as a hostile entity.
Note that I only know details about what happened from what I read/listened to from authors on Hive. I have a hectic schedule these days with long breaks from the computer, and I didn't have the energy to look for news the other day when it became obvious something was going on when prices started to tumble. Good time to accumulate a little more during the dip or shortly after, in my opinion, which I did.
I discovered what had happened yesterday after almost everyone who publishes content about crypto on Hive had written or spoken about the topic.
So, how I interpret it is like this: both CZ and Binance (if they aren't one and the same thing) decided to make a deal with various US agencies who were after them. I don't know if they think that by this deal they can still salvage a share from the American market, or if they were afraid of a contagion where Binance would become paria in multiple important jurisdictions throughout the world.
What I am curious about is if they will be allowed to develop their exchange business (or connected services) in the US after this and after the likely taming of the beast, or if it continues to have issues because it's not an American company and Coinbase is (and a depository for all the right Wall Street giants). And because Binance has been involved in some shady things.
Before Binance recovers or grows, it needs to pay that enormous fine. I wonder if this is a trap. If they don't pay it, they already admitted their guilt to serious charges. If they pay it, do they have enough funds from non-gray areas to pay to fine? Because if they use funds from gray areas, this can be another lead that can be pursued against them.
Anyway, I haven't been a fan of Binance or CZ for a good while, but at the same time, I wouldn't want Coinbase to take its place as a monster you can't do without. Multipolarity is a good thing because poles keep each other in check and there is competition.