Binance chief executive Changpeng Zhao is stepping down as part of a settlement with the US Department of Justice (DOJ), according to multiple reports. The Wall Street Journal reports that Zhao will plead guilty to violating anti-money-laundering rules, and the crypto exchange will pay more than $4 billion in fines.
A DOJ indictment, filed in a US district court in Washington State, alleges that Zhao violated the Bank Secrecy Act by “wilfully” letting Binance operate without an effective anti-money laundering program.
Under Zhao’s management, the DOJ alleges, Binance “caused, according to its own data, at least $890 million in transactions between US users and users Binance identified as Iranians.” The US
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