CZ to Plead Guilty, Step Down as CEO of Binance in $4.3 Billion Settlement with DOJ

“The chief executive of Binance, the largest global cryptocurrency exchange, plans to step down and plead guilty to violating criminal U.S. anti-money-laundering requirements, in a deal that may preserve the company’s ability to continue operating, according to people familiar with the matter,” reported The Wall Street Journal.”The deal would allow Zhao to retain his majority ownership of Binance, although he won’t be able to have an executive role at the company. He would face sentencing at a later date.”The settlement will be with the DOJ and Commodities Futures Trading Commission but doesn’t include the Securities and Exchange Commission which sued Binance and Zhao in June.”The deal would mark the end of a Justice Department investigation into the crypto exchange that began at least in 2018.””CZ is scheduled to enter the plea in federal court in Seattle on Tuesday afternoon,” reported Forbes.The Department of Justice will hold a press conference at 3:00 p.m. ET on Tuesday

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