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Fortune

Marco Quiroz-Gutierrez

Binance BNB token drops on criminal charges, Bitcoin and broader crypto market dip slightly

Binance BNB Changpeng CZ Zhao Crypto Justice Department

The Binance logo is positioned over three piles of coins (Credit: Justin Sullivan—Getty Images)

The native token of crypto exchange Binance, known as BNB, plummeted Tuesday on news the Justice Department is filing criminal charges against the company and its CEO, Changpeng “CZ” Zhao.

Binance’s cryptocurrency, BNB, fell as much as 9% on the initial news, before narrowing the drop to around 5% by midafternoon. The initial report came from the Wall Street Journal, which said Zhao would soon step down as CEO of the exchange and plead guilty to violating U.S. anti-money-laundering laws. Court documents have since confirmed this.

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