Binance CEO Changpeng Zhao pleads guilty to federal charges, steps down
Publishing timestamp: 2023-11-21 21:47:39
Summary
Changpeng Zhao, the founder and CEO of Binance, has pleaded guilty to federal criminal charges and stepped down as CEO as part of a $4.3 billion settlement with the Department of Justice. The charges include violating the Bank Secrecy Act and willfully violating U.S. economic sanctions. Binance has agreed to forfeit $2.5 billion and pay a fine of $1.8 billion. The company will continue to operate under new compliance rules. The settlement comes after regulatory scrutiny and civil suits brought by the SEC and CFTC.
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