Cryptocurrency exchange Binance has reached a landmark $4 billion settlement with U.S. authorities to resolve investigations into the company’s anti-money laundering practices and regulatory compliance.
As part of the deal, founder and CEO Changpeng “CZ” Zhao will step down from his executive role and plead guilty to violating anti-money laundering requirements.
Keypoints
- Binance CEO Changpeng “CZ” Zhao is stepping down as part of a $4 billion settlement with the DOJ and CFTC
- CZ will plead guilty to anti-money laundering charges and violating AML requirements
- The settlement does not include the SEC, which filed separate charges against Binance in June
- As part of the deal, CZ will give up his executive position but retain his majority ownership in Binance
- The settlement aims to resolve DOJ and CFTC investigations into Binance dating back to 2018
The settlement encompasses probes by the Department of Justice…
