Fintech

The Fintech Files: Crypto shorts got it wrong on Binance

Your guide to the week’s biggest fintech stories

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.

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