Changpeng Zhao, CEO of Binance, the world’s largest cryptocurrency exchange, accepted the accusations against him and decided to leave his post.
Changpeng Zhao agreed to step down as CEO as part of the $4 billion settlement reached with the Ministry of Justice.
Zhao and others were accused of failing to take adequate measures to prevent proceeds of crime and knowingly violating US-imposed sanctions.
Zhao was charged with personally contributing to a financial institution’s violation of the Bank Secrecy Act and $50 million He agreed to pay a fine.
Binance is accused of providing unauthorized payment services, committing the crime of conspiracy, and violating the International Emergency Economic Powers Act.
Former CEO of Binance will join Binance in the future will not be able to play any role.