Binance founder Changpeng Zhao will step down as CEO and plead guilty to money laundering in a deal with the US Department of Justice.
Zhao is scheduled to appear in federal court in Seattle soon to enter a guilty plea to the criminal charges. The deal also includes a fine of $4.3 billion.
This transaction marked the end of a long investigation into Binance, which was launched by the US Department of Justice. The agency accuses Binance of money laundering, bank fraud and sanctions violations. The company had to lay off at least 1,500 employees to cut costs and set aside money for fines.
Zhao will be able to retain a majority stake in Binance, but he will not be able to hold a leadership position in his own company. [The Wall Street Journal]
Source: Iphones RU
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