The boss of cryptocurrency exchange Binance says he’s willing to step down from his role as the company seeks to become a regulated financial institution. Speaking at a virtual press conference Tuesday, Changpeng “CZ” Zhao said he had no immediate plans to quit his role but that the company does have a succession plan in place.
Bitcoin fell below $30,000 for the first time since Jun. 22 dragging other digital coins lower. About $89 billion was wiped off the entire cryptocurrency market in 24 hours as of 6:29 a.m. ET on Tuesday, according to CoinMarketCap data. Bitcoin was down more than 5% while ether fell over 6% and XRP sank almost 9%, according to CoinDesk data.