Binance CEO Changpeng Zhao pleads guilty to money laundering and resigns

Binance CEO Changpeng Zhao has agreed to resign and plead guilty to money laundering as part of a US government investigation, reports Engadget.

According to CNBC, Changpeng Zhao and the cryptocurrency exchange have signed a corresponding agreement with the government. According to the agreement, Binance will pay a fine of $4.3 billion. At the same time, Zhao will personally have to pay $50 million.

According to the agreement, the exchange’s founder will also be banned from having any connection to Binance for three years. The exchange will continue to operate, and Richard Ten will take the top position in it.

“Today, I stepped down as CEO of Binance. Admittedly, it was not easy to let go emotionally. But I know it is the right thing to do. I made mistakes, and I must take responsibility. This is best for our community, for Binance, and for myself,” wrote Changpeng Zhao on the X platform.

Earlier, the U.S. Department of Justice is investigating Binance in connection with possible violations of U.S. sanctions against Russia. It was also reported that Binance was being investigated in connection with suspected violations of anti-money laundering legislation.