Bloomberg News reports:
Binance Holdings Ltd.’s Chief Executive Officer Changpeng Zhao arrived in Seattle federal court Tuesday to plead guilty to anti-money laundering charges under a sweeping deal worked out with the Justice Department designed to keep the company operating.
Zhao agreed to step down as part of the settlement, which included the Treasury Department and the Commodity Futures Trading Commission, according to people familiar with the matter.
Binance agreed to plead guilty to a criminal charge and pay a $4.3 billion fine, the Wall Street Journal reported. The deal ends a years-long investigation into the cryptocurrency exchange.
Read the full article. Zhao last appeared here in October 2022 when his company reported that it had been hacked of $570 million in fake money. In the 2022 video below, he laughingly responds to tweets accusing him of being a scammer.
Breaking: The CEO of Binance, Changpeng Zhao, plans to step down and plead guilty to violating U.S. anti-money laundering requirements. The cryptocurrency exchange will also pay $4.3 billion in fines. https://t.co/qsiTatxsAT https://t.co/qsiTatxsAT
— The Wall Street Journal (@WSJ) November 21, 2023