Binance's Changpeng Zhao to reportedly step down from CEO position and plead guilty

The United States Department of Justice announcement scheduled to be released today has stirred up the crypto market. According to reports, the announcement is going to be related to the criminal case against the largest crypto exchange – Binance and its CEO – Changpeng Zhao. Reports also claimed that the US regulatory authority sought over $4 billion from the exchange to settle the case.

However, this does not seem to be the only condition for dropping the criminal lawsuit. The authorities also reportedly sought Zhao’s resignation from the Chief Executive Officer position. And, according to the latest development, Zhao has agreed to step down from the executive position, Wall Street Journal reports.

Additionally, Zhao will plead guilty to money laundering violations and will appear before the Seattle court today. The crypto exchange is also said to follow suit and would subsequently pay a $4.3 billion fine.

The story is still developing…

Source link

About The Author

Scroll to Top