Changpeng Zhao, Founder and CEO of Binance, one of the world’s most popular cryptocurrency exchanges, has pleaded guilty to US money laundering charges. As a result, he will have to pay a fine of 4.3 billion dollars (123 billion TL). He will also resign as CEO of the company he founded.
Binance CEO CZ pleads guilty to money laundering
According to reports from the US, Binance has agreed to plead guilty to $4.3 billion in charges brought by the US Department of Justice. As part of the deal, Binance CEO Changpeng Zhao will plead guilty to money laundering charges and step down from his leadership role.
According to the Justice Department’s lawsuit, Binance has operated an unregulated exchange since 2018, allowing money laundering through cryptocurrency transactions. Earlier this year, the US Securities and Exchange Commission (SEC) accused Binance and Zhao of operating without registration.
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The $4.3 billion settlement will be the largest enforcement action ever taken by US authorities against a cryptocurrency firm. Under the terms of the deal, CEO Zhao is expected to plead guilty in federal court on Tuesday.
Details about the new Binance CEO are still unclear. CZ’s replacement or details on his new role are expected to be announced after Tuesday’s hearing.
Binance and the Department of Justice have yet to make an official announcement on the deal. If finalized, it will represent a major shift for one of the world’s largest crypto exchanges.
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