Binance’s founder Changpeng Zhao, known as CZ, is set to step down as CEO amid a $4.3 billion settlement with the U.S. Department of Justice. CZ plans to plead guilty to violating Anti-Money Laundering (AML) statutes, retaining his stake but relinquishing executive duties. The settlement doesn’t impact the SEC litigation but resolves issues with the CFTC and U.S. Treasury Department.
Binance founder Changpeng Zhao, popularly known as CZ, is reportedly stepping down as CEO in the wake of a $4.3 billion settlement with the U.S. Department of Justice (DOJ). The agreement comes with CZ pleading guilty to violating Anti-Money Laundering (AML) statutes, scheduled for a federal court appearance on Nov. 21. While the plea allows him to maintain a majority stake, executive roles at Binance will be off-limits.
The settlement, excluding the SEC litigation, resolves issues with the Commodity Futures Trading Commission (CFTC) and outstanding claims from the U.S. Treasury Department. Although CZ may escape jail time, the plea marks a significant development in the crypto landscape.