Binance's CZ, their CEO, is stepping down

Binance's CZ, their CEO, is stepping down

The U.S. has charged Binance, the world's largest cryptocurrency exchange, with violating sanctions and money-transmitting laws, leading to a $4.3 billion settlement. Changpeng "CZ" Zhao, the founder and CEO, pleaded guilty to associated charges and agreed to a $50 million fine.

The allegations include Binance's failure to uphold an adequate anti-money laundering program, operating an unlicensed money-transmitting business, and breaching sanctions law. Zhao's guilty plea pertains to violating the Bank Secrecy Act. As part of the settlement, Binance must appoint an independent compliance monitor for three years, report compliance efforts to the U.S. government, and pay fines.

Zhao is barred from any present or future involvement in Binance's operation or management, with the restriction ending three years after the monitor's appointment. This resolution follows recent legal successes by the U.S. against prominent figures in the cryptocurrency space.