World’s Largest Crypto Exchange Binance Founder CZ to Resign as CEO and Plead Guilty

Binance CEO Changpeng Zhao to Step Down Amid Money Laundering Violations

The CEO of Binance, Changpeng Zhao, commonly known as CZ, is set to step down from his role at the company as he plead guilty to money laundering violations, according to the Wall Street Journal. Binance, as a company, will also plead guilty and pay a $4.3 billion fine.

Investigation Concludes With Leadership Transition

This news arrives in the wake of the conclusion of a criminal investigation around the cryptocurrency exchange. The investigation centered on alleged regulatory breaches and illicit activities within Binance. And now, the finale of this probe seems to have prompted a leadership transition.

“The investigation’s official outcome is happening today,” as earlier this morning Bloomberg reported that the U.S. Department of Justice (DOJ) is announcing Binance’s settlement later in the afternoon. This came right after the DOJ announced major cryptocurrency enforcement actions will be taken today as well,” the Wall Street Journal reported.

Industry Impact of CZ’s Departure

CZ has been a massive figure in the cryptocurrency world, steering Binance’s meteoric rise to become the world’s largest Bitcoin and crypto exchange platform by trading volume. His departure from the helm of Binance could mark a significant shift in the industry.

Amidst this wave of news, Binance has not yet officially confirmed CZ’s departure plans, and CZ himself has so far refrained from commenting publicly on the matter. 

❗Follow us on Twitter to get all the latest crypto news as soon as they're out! 🚀

J-S Tremblay
About the author - J-S Tremblay

I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...

View J-S Tremblay website

Leave a Comment

Your email address will not be published. Required fields are marked *

Scroll to Top