BUSINESS

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BUSINESS

Binance's Changpeng Zhao pleads guilty

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Zhao admits violations

Binance's founder and CEO, Changpeng Zhao, has admitted to violating US anti-money laundering regulations and stepped down from his post as part of a $4.3 billion settlement.

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Binance's violations

The world's leading cryptocurrency exchange failed to report over 1,00,000 suspicious transactions linked to terrorist groups like Hamas, ISIS, and al Qaeda, and child abuse websites.

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Prison term, billion-dollar fines

Zhao faces an 18-month prison term recommendation, while Binance must pay a total of $4.3 billion in fines.

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Teng assumes CEO role

Following Zhao's resignation, longtime Binance executive Richard Teng will assume the role of CEO

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Sentencing in February

Soon after conviction, Zhao was released from custody on a $175 million on personal recognizance bond. The sentencing hearing has been set for February 23, 2024.