Zhao Changpeng, founder and CEO of Binance, the world’s largest cryptocurrency exchange, will step down as CEO as part of a settlement with the Department of Justice. Zhao plead guilty to money-laundering charges, and Binance will pay a $4.3 billion dollar fine. Zhao will face sentencing for the criminal charges at a later time. According to Axios, the settlement and will likely allow Binance to continue operating and allow Zhao to retain majority ownership.
The Binance settlement with the DOJ and Zhao’s guilty plea come less than a month after FTX cryptocurrency exchange founder Sam Bankman-Fried was found guilty of seven counts of fraud and conspiracy. Attorney General Merrick Garland is expected to speak about the settlement at a press conference at 3:00 p.m. today.
