Binance Settlement with SEC Spurs Market Decline and Massive Crypto Futures Liquidations
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Binance settled with the SEC on multiple charges, spurring a market decline and over $227M in crypto futures liquidations in the past 24 hours.
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Over $67M worth of bitcoin longs and shorts have been liquidated, among the highest such events in 2023.
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ETH futures traders took on $27M in losses, Solana traders saw $10M in liquidations.
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Binance itself faced $100M in liquidations, the most of any exchange, with OKX seeing $62M.
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As part of the settlement, Binance faces over $4B in fines, CZ will step down as CEO, paying a $50M personal fine, replaced by former Abu Dhabi regulator Richard Teng.