Binance CEO steps down amid $4 billion settlement and guilty plea

Changpeng Zhao, CEO of Binance, is set to resign and pay a $50 million fine as part of a Department of Justice settlement.

The cryptocurrency exchange faces an impressive $4.3 billion in fines, and Zhao pleaded guilty to violating anti-money laundering laws. Richard Teng is slated to take over as CEO, and Binance will appoint an independent compliance monitor.

Zhao, who retains a controlling stake, is banned from participating in the management of the company for three years after the appointment of the monitor. The decision follows allegations of facilitating unregulated transactions, including with sanctioned countries such as Iran.