CZ to Step Down, Binance to Pay $4.3b in a Settlement with DOJ: Reports


21 Nov 2023 7:25 PM

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.

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You May Ask

Who will replace Changpeng Zhao as CEO of Binance?How long has the U.S. Department of Justice been investigating Binance?What were the specific charges filed against Binance?How has the market reacted to the news of Changpeng Zhao stepping down and the fines imposed on Binance?Are there any other ongoing legal issues or lawsuits involving Binance?

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