Binance’s Founder Changpeng Zhao, commonly known as “CZ,” is expected to step down from Binance, the company he founded in 2017. According to sources familiar with the matter, he is expected to plead guilty to violating criminal U.S. anti-money laundering requirements.
CZ is expected to appear in front of a federal court today, will plead guilty to violating criminal U.S. anti-money laundering requirements, and agree to pay fines totaling $4.3 billion, including amounts to settle civil allegations made by regulators.
This deal would mark the end of a long-running investigation into Binance by various American agencies, including the Department of Justus and the Securities and Exchange Commission. Still, it would allow him to keep his majority ownership stake in Binance.
Information for this story was found via Bloomberg and the sources mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.