Binance CEO Changpeng Zhao Resigns, Pleads Guilty to Money Laundering Charges

Binance CEO Changpeng Zhao has resigned and pleaded guilty to money laundering charges.

 

Newsonline Nigeria reports that Changpeng Zhao, the renowned founder and CEO of Binance, the world’s largest cryptocurrency exchange, has tendered his resignation and is reported to be on the verge of pleading guilty to violations of U.S. money laundering regulations.

 

This significant decision comes as part of a broader agreement aimed at securing the ongoing operations of the exchange, according to sources close to the matter cited by the Wall Street Journal.

 

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The settlement in question is currently under negotiation with both the Department of Justice (DOJ) and the Commodity Futures Trading Commission (CFTC). Notably, the Securities and Exchange Commission (SEC) has conspicuously refrained from involvement in these proceedings.

 

In a parallel development, Binance reportedly reached a separate settlement with the Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) and the Office of Foreign Assets Control (OFAC).

 

As part of this comprehensive settlement, Changpeng Zhao is expected to enter a guilty plea in connection with anti-money laundering charges, as confirmed by the Department of Justice. In response to these unfolding events, Zhao himself officially announced his resignation from the CEO position.

 

Effective immediately, X. Richard Teng is set to assume leadership responsibilities within the company.