Binance CEO Changpeng Zhao (CZ) Resigns After Being Found Guilty i…

Binance CEO Changpeng Zhao (CZ) Resigns After Being Found Guilty i…


Binance CEO Changpeng Zhao Resigns
Binance CEO Changpeng Zhao Resigns (CZ) Resigns

LUCKNOW ( — Changpeng Zhao (CZ), CEO of Binance, is reportedly on the verge of pleading guilty to charges related to violating US Anti-Money Laundering (AML) requirements. This revelation came as the United States Department of Justice (DOJ) unveiled a $4.3 billion settlement with the cryptocurrency exchange giant.

The Wall Street Journal has reported that CZ will make his plea in a federal court in Seattle on November 21. He will respond to several charges brought forth by the DOJ. Notably, these charges include a criminal violation of Anti-Money Laundering statutes.

The agreement enables CZ to keep his majority stake in Binance, suggesting he may avoid incarceration as part of the plea deal. This comes with the condition that he cannot hold an executive position within the company.

Other Cases Remains Unsettled

Despite the enormity of the settlement with the DOJ, it does not affect the ongoing legal battle with the U.S. Securities and Exchange Commission (SEC). The SEC’s case against Binance, initiated in June, continues independently of the DOJ settlement. 

However, the settlement may resolve Binance’s issues with the Commodity Futures Trading Commission (CFTC). The reported $4.3 billion settlement includes funds to address the CFTC’s case and settle outstanding cases against Binance. Treasury Department.

Binance was poised to finalize a $4 billion settlement with the Justice Department, signaling the conclusion of a prolonged investigation initiated in 2018. According to Reuters, federal prosecutors requested files and messagesabouto Binance’s U.S. customers in late 2020.


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