Binance CEO Changpeng Zhao to Step Down in $4B DOJ Settlement: Report

<p><span>Binance's Chief Executive Officer Changpeng Zhao agreed to step down and pleaded guilty to breaching anti-money laundering laws in
the US, according to the people familiar with the matter who shared
information with the <em>Wall Street Journal</em>.<span>&nbsp;
</span></span></p>
<p>This step followed a settlement worth $4.3 billion between Zhao and the
US Department of Justice (DOJ). The Justice Department has been conducting
investigations into Binance's operations. The allegations include
permitting individuals from sanctioned countries to transact on the platform and other regulatory concerns, according to the <a href="https://www.wsj.com/finance/currencies/binance-ceo-changpeng-zhao-step-down-plead-guilty-01f72a40" target="_blank" rel="follow">WSJ</a>.</p><h1><span>Regulatory Scrutiny and Legal Challenges</span></h1><p>Last year, the US federal prosecutors targeted
Binance, seeking extensive records involving Zhao, according
to a report by <em>CNBC</em>. The request formed part of the <a href="https://www.financemagnates.com/tag/doj/" target="_blank" rel="follow">DOJ</a>'s probe into
potential non-compliance with US financial crime laws. </p>
<p><span>The inquiry centered on whether Binance breached the
Bank Secrecy Act that requires crypto exchanges conducting substantial business in
the US to comply with anti-<a href="https://www.financemagnates.com//">money laundering</a> regulations or face severe
penalties, including lengthy jail terms.</span></p><blockquote><p lang="en" dir="ltr">Today, I stepped down as CEO of Binance. Admittedly, it was not easy to let go emotionally. But I know it is the right thing to do. I made mistakes, and I must take responsibility. This is best for our community, for Binance, and for myself.<br><br>Binance is no longer a baby. It is…</p>— CZ