Binance, the world’s largest cryptocurrency platform, has been on the agenda recently with its experiences with the US government. The exchange, which has been monitored by the US Department of Justice for years, was facing accusations in the case such as unlicensed money transfer, money laundering and violating US sanctions laws. At the center of the accusations was CEO Changpeng Zhao, also known as CZ.
Today, a report from Bloomberg revealed that the parties reached an agreement and Binance will pay more than $ 4 billion to the USA to end the case. Now, news has come like a bombshell to the cryptocurrency world.
Changpeng Zhao to admit accusations and resign as CEO
According to information obtained by Forbes and Wall Street Journal from sources close to the matter, CZ agreed to resign as CEO of Binance as part of the $ 4.3 billion agreement made to end the case. It was also learned that Zhao will accept charges of “violating anti-money laundering laws”.
Although Zhao is no longer the boss of Binance, he will be able to retain a majority stake in the company, according to the Wall Street Journal. It is also among the information that the crypto billionaire will present his defense in the US Seattle court today, and his sentence will be given at a later date.
There is also no information on who will replace Zhao. However, according to allegations, Richard Teng, the head of Binance’s regional markets department, is the biggest candidate for the CEO position.
A statement about the $4.3 billion deal is expected to come from the US Department of Justice tonight. We will learn all the details when official statements come.
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