Binance founder’s sentencing listening to – The Verge

Changpeng “CZ” Zhao, the proprietor and CEO of the cryptocurrency change Binance, has agreed to step down and plead responsible to breaking anti-money-laundering legal guidelines, in response to papers filed in a Seattle courtroom on Tuesday. This comes as a part of the foremost settlement the Department of Justice introduced this afternoon, which would require Binance to fork over $4.3 billion in fines.

Zhao additionally agreed to pay $50 million, and sentencing will happen at a later date. “Today, I stepped down as CEO of Binance,” Zhao writes on X (previously Twitter). “Admittedly, it was not straightforward to let go emotionally. But I do know it’s the proper factor to do. I made errors, and I need to take accountability. This is greatest for our group, for Binance, and for myself.”