Binance CEO to Resign Amidst $4.3 Billion Settlement with US Authorities
Changpeng Zhao, CEO of Binance, is set to admit guilt in criminal charges, leading to a $4.3 billion settlement. The resolution includes fines, forfeitures, and new regulations for the world's largest cryptocurrency trading platform in the US.
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Binance CEO Changpeng Zhao is slated to admit guilt to criminal allegations in the United States and step down as part of a $4.3 billion resolution, as revealed in court documents on Tuesday. The US Justice Department has accused Zhao of breaching the Bank Secrecy Act, willfully violating US economic sanctions, and neglecting to establish an effective anti-money laundering program. In response, Zhao has agreed to a $50 million fine, while Binance is set to plead guilty, forfeit $2.5 billion to the US government, and pay a $1.8 billion fine.
Despite these legal challenges, Binance will continue its operations in the US under revised regulations. The company will be obligated to uphold a compliance program ensuring adherence to anti-money laundering standards. Additionally, the world's largest cryptocurrency trading platform will appoint an independent compliance monitor.
The charges against Binance encompass conducting an unlicensed money-transmitting business, violating the International Emergency Economic Powers Act, and a conspiracy charge. In a separate case, the US Securities and Exchange Commission filed 13 charges against Binance entities and Zhao in June, alleging violations of US securities laws, including running unregistered exchanges and misrepresenting trading controls.
The price of Binance's native token, BNB, experienced a 6.3% decline to approximately $242 on Tuesday at 3:30 p.m. EDT in response to these developments.
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