The lawsuit between the US and the cryptocurrency exchange Binance was finalized the other day. Accordingly, the company’s founder and CEO Changpeng Zhao (CZ) resigned from his post, admitting to money laundering allegations. The new Binance CEO was also announced after this decision. Here is the official statement from the cryptocurrency exchange.
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Binance reached an important agreement with the US Department of Justice and the Securities and Exchange Commission. After this partnership, the company has put its US activities on a legal basis. It will pay a penalty of 4.3 billion dollars for operations carried out since 2018.
According to a statement from Binance, an official agreement was reached with the US Securities and Exchange Commission (SEC) and the FinCEN unit of the Treasury Department. Accordingly, Binance’s allegations of illegal use of funds belonging to US users or market manipulation were denied.
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After the deal, Changpeng Zhao (CZ), founder and chairman of the board of Binance, left his position and moved to a consultancy position. He was replaced by Richard Teng, Global Head of Regional Markets with 30 years of financial experience.
The company said in a statement that the harmonization process has been successfully completed and that there will be no change in the user experience. Thanks to the agreement, Binance’s activities in the US have reportedly become fully legal.
“Our business continued to bring millions of new users into the system even during the bear market in 2022, and we surpassed the 150 million registered user milestone in 2023,” Binance said in a statement shared by Binance.
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