Binance and its CEO Changpeng Zhao agreed to plead guilty to criminal and civil charges under a deal worked out with the Justice Department, the Wall Street Journal reportet
Crypto exchange Binance will settle a long-running investigation with the U.S. Department of Justice in a deal to be announced later Tuesday, a person familiar with the situation told CoinDesk.
Founder Changpeng “CZ” Zhao will step down from his role as CEO of the world’s largest crypto trading platform and plead guilty to violating criminal U.S. anti-money laundering requirements, The Wall Street Journal reported.
Binance Holdings Ltd.’s Chief Executive Officer Changpeng Zhao arrived in Seattle federal court Tuesday to plead guilty to anti-money laundering charges under a sweeping deal worked out with the Justice Department designed to keep the company operating.
Zhao agreed to step down as part of the settlement, which included the Treasury Department and the Commodity Futures Trading Commission, according to people familiar with the matter.
Binance agreed to plead guilty to a criminal charge and pay a $4.3 billion fine, the Wall Street Journal reported. The deal ends a years-long investigation into the cryptocurrency exchange.