Binance Founder Changpeng Zhao Agrees To Step Down, Plead Guilty

The chief executive of Binance, the largest global cryptocurrency exchange, plans to step down and plead guilty to violating criminal U.S. anti-money laundering requirements, in a deal that may preserve the company's ability to continue operating, WSJ reported Tuesday, citing people familiar with the matter. From the report: Changpeng Zhao is scheduled to appear in Seattle federal court Tuesday afternoon and enter his plea, the people said. Binance, which Zhao owns, will also plead guilty to a criminal charge and agree to pay fines totaling $4.3 billion, which includes amounts to settle civil allegations made by regulators, the people said. The deal would end long-running investigations of Binance. The deal would allow Zhao to retain his majority ownership of Binance, although he won't be able to have an executive role at the company. He would face sentencing at a later date.

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