u.today
Binance CEO Changpeng Zhao, the leader of the world's largest cryptocurrency exchange, is set to resign and plead guilty to charges of breaching U.S. anti-money laundering laws, according to a report by the Wall Street Journal.
This move forms part of a historic agreement aimed at preserving the exchange's operational viability.
Zhao is expected to formally enter his plea at a federal court in Seattle. Binance will acknowledge its criminal misconduct and consent to pay a staggering $4.3 billion in fines. This sum encompasses penalties to resolve both criminal and civil claims brought forward by regulatory bodies.
This announcement, expected to be made public by U.S. Attorney General Merrick Garland, comes as the U.S. Department of Justice concludes a blockbuster investigation into Binance's activities. The settlement, involving over $4 billion, is unprecedented in the financial sector.
Zhao, commonly known as "CZ," founded Binance in 2017. It quickly became the largest cryptocurrency exchange.