In a major development, Binance CEO Changpeng Zhao has agreed to resign and plead guilty to violations of US anti-money laundering regulations. The deal, which was reported by the Wall Street Journal based on sources within the file, will allow the company to continue functioning.
Changpeng Zhao is scheduled to appear in a federal court in Seattle in northwestern Washington state on Tuesday afternoon local time to enter his guilty plea. His company Binance has also agreed to plead guilty to a criminal complaint and pay a billion-dollar fine totaling 4.3 billion euros as part of the deal.
The investigation into Binance, which was founded by Changpeng Zhao in 2017 and is considered one of the most important international crypto hubs, has been ongoing for some time now. The deal will put an end to this long-standing investigation.
Under the terms of the agreement, Changpeng Zhao will retain a majority stake in the company but will no longer hold an executive role in management. He will later be sentenced for his violations.
It was announced at the end of August that Binance would remain active in Belgium through a Polish license after being ordered by financial regulator FSMA to discontinue its crypto services in our country due to operating illegally from countries that are not members of the European Economic Area. Despite this setback, it appears that Binance is determined to continue its operations and navigate through these challenges with determination and integrity.