Changpeng Zhao, the founder of Binance, pleaded guilty in a Seattle court related to money laundering charges and stepped down from the position of CEO of the world’s largest cryptocurrency exchange.
“Today, I resign as the CEO of Binance” Changpeng Zhao (CZ) wrote on X. He believes that “Binance is no longer a child” and it is time for it to walk and run on its own.
Earlier on the same day, CZ appeared in a Seattle court and pleaded guilty to “failure to comply with anti-money laundering regulations” and violating the penalties set by the U.S. Department of Justice (DOJ). Additionally, Binance has settled charges with the DOJ and the Commodity Futures Trading Commission (CFTC); the Financial Crimes Enforcement Network (FinCEN), and the Office of Foreign Assets Control (OFAC) in the U.S. The exchange must provide government regulators access to Binance’s books and records for a 5-year monitoring period.
At the end of March, Binance and CZ were under investigation by the CFTC for alleged violations of eight provisions in the U.S. Commodity Exchange Act, including laws requiring “prevention and detection of money laundering and terrorist financing activities.” At that time, according to Bloomberg, this was the largest legal action by a U.S. regulatory agency against Binance to date. CNBC estimates that this could disrupt Binance’s operations but is just the beginning of a series of actions to control the world’s largest cryptocurrency exchange.
Discussion topic in Bitforum Network: https://bitforum.net/t/changpeng-zhao-cz-resigns-as-ceo-of-binance/371/4
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