Binance CEO's Downfall Sparks Massive Withdrawals and Regulatory Scrutiny

Cardano founder Charles Hoskinson commented on the resignation of Binance CEO Changpeng Zhao (CZ), stating that it marked "the end of an era" for crypto entrepreneurs who relied on fast growth and innovation without complying with regulations. Hoskinson emphasized the need for entrepreneurs to either adhere to regulations or develop decentralized systems that cannot be regulated. He also discussed the changing global landscape and the potential impact of the US government's regulatory efforts on the crypto industry. Hoskinson suggested that Midnight, a network based on algorithmic law, could offer a solution to government regulation. CZ recently agreed to a plea deal related to criminal charges and stepped down as CEO of Binance.