Changpeng Zhao, the CEO of Binance Holdings, entered a plea of guilty to charges of money laundering and agreed to pay a $50 million fine on Tuesday as part of a comprehensive agreement hammered out with the US Justice Department to keep the business afloat.
According to people familiar with the situation, Zhao consented to resign as part of the settlement, which also involved the Treasury Department and the Commodity Futures Trading Commission.
A $4.3 billion fine and a guilty plea to criminal charges were agreed upon by Binance, according to sources familiar with the situation. The transaction closes a multi-year inquiry into the Bitcoin exchange.
Also Read: Binance’s CZ Resignation Triggers BNB’s Price Surge and Drop
Disclaimer: The information researched and reported by The Crypto Times is for informational purposes only and is not a substitute for professional financial advice. Investing in crypto assets involves significant risk due to market volatility. Always Do Your Own Research (DYOR) and consult with a qualified Financial Advisor before making any investment decisions.
