It’s breaking, the founder and chief executive officer of Binance, Changpeng Zhao, has stepped down. Yes, you heard it right, this major development reportedly happened amid the probe into the world’s largest crypto exchange. According to the prosecutors, the founder of Binance, Changpeng Zhao has pleaded guilty to breaching the US anti-money laundering laws as part of a $4.3 billion settlement which came as the resolution of an investigation into the world’s largest crypto exchange. Since this news broke out, Changpeng Zhao has been making headlines everywhere. If you are still not completely aware of the development, you should stick with this page and go through this article till the end. Scroll down the page.
Changpeng Zhao To Plead Guilty
The news of the chief of Binance stepping down came along with the news that Changpeng Zhao pleaded guilty to violating US anti-money laundering laws to settle down the $4.3 billion settlement and years-long investigation. The prosecutors described a deal in which Changpeng Zhao will have to pay $50 million personally, as the largest corporate penalty in the history of the US. Changpeng Zhao’s stepping down is another blow to the crypto field that has come on the heels of the fraud conviction of Sam Bankman-Fried, the founder of FTX. Shift to the next section and learn more.
Many industry experts have called it a good outcome for Binance chief Changpeng Zhao to leave his wealth intact which allowed him to retain his stake in Binance which he founded in 2017. Reportedly, Binance failed to report over 100000 suspicious transactions with organizations including al Qaeda, Hamas, Syria, and the Islamic State of Iraq. The crypto exchange broke the US anti-money laundering laws and sanctions by not reporting suspicious transactions with the aforementioned organizations which the US has described as terrorist organizations. Continue reading this article and learn more details.
The crypto exchange also never reported transactions with the websites that deal in selling child sexual abuse materials. The prosecutors also said that Binance was one of the largest recipients of ransomware proceeds. On Tuesday, the US Attorney General, Merrick Garland said, “Binance made it easy for criminals to move their stolen funds and illicit proceeds on its exchanges. Binance also did more than just fail to comply with federal law. It pretended to comply.” Stay tuned to this website for more details and further updates.