Binance criminal settlement includes $4 billion fine and CEO’s guilty plea
Changpeng “CZ” Zhao, the owner and CEO of the cryptocurrency exchange Binance, has agreed to step down and plead guilty to breaking anti-money laundering laws, according to papers filed in a Seattle court on Tuesday. This comes as part of the major settlement the Department of Justice announced this afternoon, which will require Binance to fork over $4.3 billion in fines.
Zhao also agreed to pay $50 million, while sentencing will come at a later date. Under the terms of the settlement, Binance will need to appoint an independent compliance monitor. Zhao won’t be allowed to have any involvement with Binance until three years after the monitor is appointed.
Even though Zhao can no longer assume an executive role at Binance, The Wall Street...