
Binance founder and CEO Changpeng Zhao will resign from the firm and has pleaded guilty to violating criminal law as part of a deal with the government of the United States.
Zhao’s resignation deal includes him pleading guilty to violating the Bank Secrecy Act, which deals with U.S. anti-money-laundering law. The 46-year-old Zhao, who doesn't live in the U.S., appeared in person on Tuesday in Seattle federal court, where he entered the guilty plea, Attorney General Merrick Garland said during a press conference announcing the action.
The Treasury Department announced Tuesday that Binance, the world’s largest cryptocurrency exchange, has agreed to pay more than $4 billion in fines to settle civil accusations from federal regulators. The settlement with the Financial Crimes Enforcement Network alone is for $3.4 billion, which is the largest settlement in Treasury Department history.