nytimes.com
Under the deal, Changpeng Zhao will pay a $50 million fine and step down as chief executive of the company he created, the latest blow to the crypto world since the implosion of FTX last year.
Changpeng Zhao, the founder of Binance, the largest cryptocurrency exchange in the world, pleaded guilty to money laundering violations, a stunning blow to the most powerful and influential figure in the global crypto industry.
Binance itself also pleaded guilty and agreed to pay $4.3 billion in fines and restitution to the government, according to federal authorities. Under the agreement, Binance also reached settlements with the Treasury Department and the Commodity Futures Trading Commission, which have also been investigating the company.
As part of his guilty plea, Mr. Zhao agreed to pay a $50 million fine and will also step down from his role as chief executive of the company. The government is seeking an 18-month prison sentence for Mr. Zhao, the maximum suggested under federal guidelines, according to senior Justice Department officials.
Binance, as part of its own plea deal with federal prosecutors, will accept the appointment of a government monitor to oversee the business. Mr. Zhao is barred from any involvement in Binance until three years after the monitor is appointed.