Changpeng Zhao, the founder of the world’s biggest cryptocurrency exchange Binance, pleaded guilty to money-laundering charges and agreed to step down and pay a $50 million fine, while Binance itself faces over $4 billion in fines to settle criminal charges and must make a “complete exit” from the United States.
Following a years-long investigation into the operations of the crypto exchange, Binance and Mr. Zhao agreed to enter into a plea deal with a range of U.S. federal agencies, including the Department of Justice (DOJ) and the Department of the Treasury.
