Binance CEO resignation shows crypto industry is maturing: Experts

economictimes.indiatimes.com:

Changpeng Zhao's exit and the $4 billion fine imposed on Binance are significant events that could shape the future of the crypto markets. Meanwhile, industry experts highlighted that Zhao's departure signals a shift towards transparency and regulatory compliance.

Manhar Garegrat, Country Head at Liminal, said, «As the largest offshore digital assets exchange, Binance has been at the centre of regulatory scrutiny in the US and other jurisdictions. CZ's stepping down and handing over the CEO position to Richard Teng is a clear indication that Binance is taking these concerns seriously and is committed to working with regulators to establish a more compliant operating model.»

«This is a significant event for the global crypto landscape. It is a sign that the industry is maturing and is becoming more accountable to its stakeholders. This is a positive development that will ultimately benefit the industry as a whole. This will further lead to increased transparency, greater regulatory compliance and wider adoption of digital assets,» Manhar said.

Following Zhao's news, pressure on major cryptocurrencies increased, resulting in the overall crypto market cap falling below $1.4 trillion on Wednesday. However, on Thursday's trade, the crypto market cap bounced back and surged nearly 3% to $ 1.42 trillion.

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The crypto market recovered from the latest regulatory action against Binance as the overall crypto