wall StreetDaily reports that the world’s largest cryptocurrencyChangpeng Zhao, CEO of exchange Binance, will resign and admit to violating US anti-money laundering laws. People familiar with the matter said Binance would plead guilty and agree to pay a fine of 4.3 billion yuan.
According to court records, Zhao Changpeng was arrested at 1:45 pm Eastern time (10:45 am West Coast time) on Tuesday.seattleAppear in federal court. People familiar with the matter told The Wall Street Journal that Binance would plead guilty and agree to pay a fine of 4.3 billion yuan, including the settlement of civil charges.
Court records show that Changpeng Zhao personally agreed to pay a criminal fine of $50 million, although that amount could be reduced depending on the civil penalty he agreed to pay.
This agreement may allow Binance to maintain its operational efficiency. The settlement could end a long-term investigation of Binance by judicial authorities.
Changpeng Zhao founded Binance in 2017 and grew it into the most important hub of the global cryptocurrency market. Although Changpeng Zhao will be required to resign from his position at Binance and will be banned from returning to the company for three years, he will still retain a majority stake in Binance.
Video source: Ministry of Justice
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