Fintech

The Fintech Files: Crypto shorts got it wrong on Binance

Your guide to the week’s biggest fintech stories

Tuesday 28 November 2023 at 05:01

Changpeng Zhao's court drama hasn't played into hedge funds' hands
Changpeng Zhao's court drama hasn't played into hedge funds' hands Photo: David Ryder/Getty Images

When Binance founder Changpeng Zhao pleaded guilty to criminal charges and resigned as CEO on 21 November, crypto short-sellers bet on another FTX-style market crash.

Binance reached a mammoth $4.3bn settlement with the US Department of Justice. But the shorts got it wrong this time.