![]() US regulators have probed Binance since 2018. True, Zhao agreeing to step down and pleading guilty to wilfully violating the Bank Secrecy Act is the culmination of one of the most anticipated investigations in the history of the crypto industry. According to an anonymous report from The Wall Street Journal, the plea deal allows Zhao to retain his majority stake but bars him from holding any executive roles at Binance, which will be allowed to continue operations.Ĭhangpeng Zhao’s guilty plea, and Binance agreeing to pay $4.3 billion in fines and restitution are not end of the US crypto crackdown.23 but, per The Associated Press, will likely be delayed. The government is seeking 18 months in prison for Zhao, whose sentencing hearing is scheduled for Feb.Richard Teng, Binance's former global head of regional markets, is the company's new CEO. ![]() Binance has seen outflows exceeding $1 billion since Zhao's exit - not including bitcoin - CNBC reports, citing Nansen blockchain analytics.The Cayman Islands-based exchange also pleaded guilty to three separate criminal charges and agreed to pay fines totaling $4.3 billion. As part of the plea deal, which settles a yearslong investigation into Binance by the Justice Department, Zhao stepped down as head of the world's largest crypto exchange and agreed to pay a $50 million fine. Changpeng Zhao, the now-former CEO of Binance and one of the wealthiest and most influential figures in the cryptocurrency industry, pleaded guilty in federal court Tuesday to a felony charge of violating U.S.
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