Binance CEO Changpeng Zhao has agreed to step down from his role at the world’s largest crypto exchange as part of a settlement with the U.S. Department of Justice. He also plans to plead guilty to violating criminal U.S. anti-money-laundering requirements that would potentially allow the exchange to keep operating. The DOJ said earlier today that it will hold a press conference at 3 p.m. ET to provide further details about the crypto enforcement action. Sources have said that the DOJ is seeking a $4 billion settlement from Binance. Crypto markets initially saw losses on the announcement of the DOJ press conference, but have since rebounded. This is a developing story.
This news means that Binance CEO Changpeng Zhao has agreed to step down from his position and plead guilty to violating criminal U.S. anti-money-laundering requirements. The DOJ is seeking a $4 billion settlement from Binance as a result. Although the news initially caused losses in the crypto markets, it has since rebounded.
This is potentially good news for the crypto exchange, as it could potentially allow Binance to keep operating. However, the full implications of this news still remain to be seen.
You can read more about this topic here: Decrypt: Binance CEO Changpeng Zhao to Step Down, Plead Guilty to Money Laundering