CZ to Step Down, Binance to Pay $4.3b in a Settlement with DOJ: Reports
After 6 years in charge and a lengthy DOJ investigation, Changpeng Zhao (CZ) will reportedly no longer lead the world’s largest cryptocurrency exchange....
- Changpeng Zhao (CZ), the founder of Binance, will step down as CEO and plead guilty to anti-money laundering (AML) violations as part of a settlement deal with the U.S. Department of Justice (DOJ).
- Binance will pay a $4.3 billion fine, while CZ will pay a $50 million personal fine.
- The alleged crimes include conducting an unlicensed money-transmitting business and failing to maintain an effective AML program.
- The DOJ began investigating Binance in 2018, and charges were filed on November 14, 2021.
- Binance's native exchange token, BNB, has fallen 5.2% since the announcement.
The article reports negative news about Changpeng Zhao and Binance, as they face legal consequences for anti-money laundering violations. The sentiment is negative.