Binance Pleads Guilty to Money Laundering, Faces Over $4 Billion in Fines

Crypto platform Binance and its founder Changpeng Zhao pleaded guilty to a range of financial crimes and face penalties, with Mr. Zhao stepping down as CEO.
Tom Ozimek
Updated:
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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.

Tom Ozimek
Tom Ozimek
Reporter
Tom Ozimek is a senior reporter for The Epoch Times. He has a broad background in journalism, deposit insurance, marketing and communications, and adult education.
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