Insider Intelligence delivers leading-edge research to clients in a variety of forms, including full-length reports and data visualizations to equip you with actionable takeaways for better business decisions.
In-depth analysis, benchmarks and shorter spotlights on digital trends.
Learn More
Interactive projections with 10k+ metrics on market trends, & consumer behavior.
Learn More
Proprietary data and over 3,000 third-party sources about the most important topics.
Learn More
Industry KPIs
Industry benchmarks for the most important KPIs in digital marketing, advertising, retail and ecommerce.
Learn More
Client-only email newsletters with analysis and takeaways from the daily news.
Learn More
Analyst Access Program
Exclusive time with the thought leaders who craft our research.
Learn More

About Insider Intelligence

Our goal at Insider Intelligence is to unlock digital opportunities for our clients with the world’s most trusted forecasts, analysis, and benchmarks. Spanning five core coverage areas and dozens of industries, our research on digital transformation is exhaustive.
Our Story
Learn more about our mission and how Insider Intelligence came to be.
Learn More
Rigorous proprietary data vetting strips biases and produces superior insights.
Learn More
Our People
Take a look into our corporate culture and view our open roles.
Join the Team
Contact Us
Speak to a member of our team to learn more about Insider Intelligence.
Contact Us
See our latest press releases, news articles or download our press kit.
Learn More
Advertising & Sponsorship Opportunities
Reach an engaged audience of decision-makers.
Learn More
Browse our upcoming and past events, recent podcasts, and other featured resources.
Learn More
Tune in to eMarketer's daily, weekly, and monthly podcasts.
Learn More

Former Binance CEO pleads guilty to violating US anti-money-laundering requirements

The news: Last week, the former Binance CEO Changpeng Zhao admitted to facilitating transactions with sanctioned groups and encouraging US users to obscure their locations.

  • Binance will pay fines totaling over $4 billion to settle civil and criminal allegations.

What happened at Binance? Binance appointed a new CEO after its former leader stepped down. 

  • Its new leader declined to provide specifics regarding Binance’s new board or financial statements, and Zhao’s plea agreement is not yet public.
  • Despite the guilty plea, Zhao will maintain majority ownership, but he cannot hold an executive role in Binance.

Separately, the Securities and Exchange Commission's (SEC's) lawsuit alleges that Zhao and Binance violated US investor-protection laws.

The SEC’s not done with crypto: The regulator is also accusing Kraken, another crypto exchange, for operating without registering as a securities exchange, broker, dealer, and clearing agency.

  • However, Kraken disagreed with the allegations, defending itself by stating the complaint lacks evidence of fraud or customer losses, and it argues that its business model doesn't require specific securities licenses.
  • In June, the SEC sued Coinbase on similar grounds.
  • Many crypto exchanges, including Binance, believe cryptocurrencies aren’t the kinds of investments overseen by the SEC, fueling their decision to fight back.
  • The verdicts in these lawsuits will set an important precedent for the regulation of cryptocurrencies in the marketplace.

Why it matters: Just this month, Samuel Bankman-Fried was found guilty of two counts of fraud and five counts of conspiracy in a major victory for the US Justice Department's crackdown on financial corruption.

  • The publicity surrounding the collapse of FTX and Bankman-Fried’s verdict has already harmed the public perception of cryptocurrency.
  • Bankman-Fried will be sentenced in March 2024, meaning crypto won’t get a break from negative news any time soon. Zhao’s guilty plea and the SEC lawsuits won’t help, either.

What’s next for Binance? While Binance’s native token value has dropped 9%, cryptocurrencies as a whole have largely rebounded.

  • 98 of the 100 major cryptocurrencies have taken much smaller hits, with Bitcoin’s loss at 1.3%.
  • Experts believe even Binance will survive this ordeal since it agreed to comply with the DOJ’s process.
  • Its rivals, including Coinbase, Kraken, and OKX, see this as an opportunity to attract Binance customers.

Key takeaways: Cryptocurrencies aren’t going anywhere, but the general public’s interest in participating will likely remain muted until these investigations and lawsuits are no longer top of mind.

  • US financial institutions are at a stalemate as they wait for clearer guidelines on how to safely participate.
  • However, until they get involved—or even buy these companies and rebrand them—the general public’s perception is unlikely to change.