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November turns out to be a tumultuous month for the crypto industry. In November 2022, FTX, once the second-largest crypto exchange, collapsed dramatically, extending the bearish pressure amid a multi-month crypto winter.

This year, its the turn of Binance, the worlds largest crypto exchange, to face some serious challenges. Binance will continue to operate, but this comes at a price: CEO Changpeng CZ Zhao had to step down.

At the end of November, CZ agreed to plead guilty to charges related to money laundering. He will pay a $50 million fine, while Binance will pay $4.3 billion to settle the charges and continue operations.

The crypto exchange ends investigations by the Commodities Futures Trading Commission (CFTC) and the Department of Justice (DOJ), although the Securities and Exchange Commission (SEC) can require its own investigations.

Treasury Secretary Janet Yellen said:

The result of these agreements will be an end to company behavior that has posed risks to the U.S. financial system, U.S. citizens, and our country's national security for too long.

While this is a major blow for Binance, many believe that the broader crypto industry will ultimately benefit from this outcome, as crypto platforms will become more regulated to avoid the same fate. Meanwhile, Binances direct rivals, such as Coinbase or Kraken, are now seeking to attract Binance customers.

Kraken co-founder Jesse Powell welcomed the result of the Binance investigation in an X (formerly Twitter) post, stressing that the industry could benefit from a more fair playing field.

Coinbase CEO Brian Armstrong admitted that he felt relieved and that following the rules was always the right decision for his company.

Besides a more competitive environment for crypto exchanges, Binances settlement can finally lead to the approval of the first Bitcoin spot exchange-traded fund (ETF) by the SEC.

Previously, the SEC cited market manipulation when turning down Bitcoin ETF filings. In an X post in June, Travis Kling, chief investment officer of Ikigai Asset Management, said that Binances market dominance had to end before a Bitcoin ETF gets the green light.

Mike Novogratz, CEO of crypto investment firm Galaxy Digital, said the Binance settlement was super bullish for the industry.

Indeed, Bitcoin has broken above the $40,000 level to update the year-to-date peak following Binances settlement, as investors are more confident that a Bitcoin ETF is just around the corner.

Source: Cointelegraph

The current situation can benefit traders on all fronts. To begin, it will be a safer trading environment since centralized crypto exchanges will comply with the rules more strictly.

On top of that, crypto traders can leverage the bullish run that is taking off these days. To augment potential profits, they can use automated trading tools like the ones offered by TradeSanta. The platform enables users to automate trading on popular crypto exchanges, including Binance, Kraken, OKX, Coinbase Pro, and ByBit, among others.

Source: TradeSanta

Traders can create their own strategies or implement ready-made ones on the supported exchanges. TradeSanta also provides its own trading terminal that comes with a user-friendly interface to trade on multiple exchanges from one account and multiple tools, including TradingView signals, risk management tools and take profit targets to analyze the crypto market in real-time.

Thanks to TradeSantas automation features, traders can reduce stress and increase efficiency, as they dont have to monitor the market constantly and execute manual trades. The bots can be programmed to analyze Bitcoin and altcoins and open and close positions without any human involvement. TradeSantas algorithms follow preselected strategies and leverage technical analysis and market sentiment to back its moves.

Following Binances settlement, TradeSanta users have direct access to a more compliant ecosystem of crypto exchanges while being able to leverage the current bullish market more efficiently.

Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you with all important information that we could obtain in this sponsored article, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor can this article be considered as investment advice.

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How does the crypto market benefit from Binance's turbulent November? - Cointelegraph