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Binance reached a settlement with U.S. regulators, including the DOJ, on November 22, agreeing to a total fine of $4.368 billion. Zhao Changpeng, the exchange’s CEO, pleaded guilty and stepped down. This marked the biggest fine imposed by U.S. regulators recently and the largest settlement in the history of the crypto industry.

Following the settlement, Binance, the world’s largest centralized crypto exchange, announced a comprehensive embrace of regulations, stating that it will foster improved relationships with regulators globally to uphold high standards that support innovation yet provide vital consumer protections.

In response to the breaking news, industry players have taken two opposite stances.