Binance CEO Changpeng Zhao to Step Down and Agree to $4.3B Settlement
This decision is part of a major settlement with the U.S. Department of Justice.
By: Camila Russo • Loading...News Chain
Changpeng Zhao, the CEO of Binance, the world's largest cryptocurrency exchange, has agreed to step down from his position and plead guilty to violating U.S. anti-money laundering laws, the Wall Street Journal reported.
This decision is part of a major settlement with the U.S. Department of Justice (DOJ) involving a fine of $4.3 billion, the WSJ said, citing people familiar with the matter.
CZ's decision to step down is directly linked to his agreement to plead guilty to violations of U.S. anti-money laundering regulations. This move is seen as a proactive step to preserve Binance's ability to continue operations amidst increasing regulatory scrutiny.
The Binance exchange token, BNB, plunged by more than 7% in the hour after the news broke.
The settlement and CZ's resignation mark a pivotal moment for Binance, as the company navigates through the complexities of compliance with U.S. regulations.
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