Binance CEO Pleads Guilty to Money Laundering Violations, Will Step Down – By Maxwell Zeff (Gizmodo) / Nov 21, 2023
As part of a settlement with the Department of Justice, the crypto exchange will reportedly pay $4 billion and be allowed to continue operations.
Binance founder Changpeng Zhao (CZ) will step down from his CEO duties and plead guilty to criminal charges, paying a $50 million fine, according to court documents made public Tuesday. The Department of Justice is expected to announce a $4 billion settlement with Binance this afternoon, putting an end to an investigation by the CFTIC into the world’s largest crypto exchange.
Binance U.S. may live to trade another day, but not with CZ at the helm. New details emerged Tuesday around a $4 billion settlement to resolve a Commodity Future Trading Commission lawsuit from March, and the Department of Justice’s investigation into Binance. CZ will no longer run Binance, but he still maintains a majority ownership in the company.
Binance was charged with three counts, including money laundering violations, and US sanction violations. The filings allege that Binance knowingly and willfully took part in transactions between the U.S. and Iran worth $848 million. The crypto exchange will also be required to follow new compliance regulations as a result.
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