Changpeng Zhao, the CEO of crypto platform Binance, has announced his resignation and pleaded guilty to violations of US anti-money laundering regulations. The deal allows the company to continue operating and will put an end to a long investigation into Binance, which is considered one of the most important international crypto hubs.
According to sources in the file, Zhao is due to appear in a federal court in Seattle in northwestern Washington state on Tuesday afternoon local time. He will enter his guilty plea there, while his company Binance will further plead guilty to a criminal complaint and agree to a billion-dollar fine totaling 4.3 billion euros.
The deal allows Zhao to retain a majority stake in the company, albeit without an executive role in management. The man himself will later be sentenced for the violations. This news comes after it was announced that Binance would remain active in Belgium through a Polish license. The financial regulator FSMA had ordered Binance at the end of June to discontinue its crypto services in Belgium and transfer all funds back to its customers due to its illegal operation in our country “from countries that are not members of the European Economic Area.”