Ex-Binance CEO Steps Down as US Chair After Pleading Guilty to Money-Laundering Charges

Published on November 28, 2023

The colorful and controversial former head of the global cryptocurrency exchange Binance, Changpeng Zhao, has now officially resigned as head of the firm’s stateside arm, Binance.US. Mr. Zhao has been in the regulators’ crosshairs for years, with both the Department of Justice and the Securities Exchange Commission (SEC) pursuing him for securities law violations and money laundering. His departure from the top position at Binance comes just one week after he entered a guilty plea in a Seattle, Washington, federal court to money-laundering charges brought by the Justice Department. The fallen mogul will have to pay a $4.3 billion fine, but thanks to a plea arrangement, Mr. Zhao is expected to spend perhaps a year and a half in jail rather than the decade or more than he could otherwise face....

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