The head of the largest cryptocurrency exchange, Binance, has pleaded guilty to money laundering and has resigned.

The last big crypto millionaire has gone down. Changpeng Zhao, CEO and founder of Binance, has agreed to plead guilty to money laundering charges brought against him by the US Department of Justice and has resigned. The movement leaves the largest cryptocurrency exchange after the crisis of the sector starting in 2022, which will also have to pay 4.3 billion dollars (a little less than 4 billion euros).

spread the news The Wall Street Journal, explaining that the settlement reached with US authorities will allow Binance to continue operating. The large financial penalty imposed on the platform includes the sums intended to satisfy the claims submitted by the affected persons.

Zhao is due to appear in federal court Tuesday afternoon (Washington time) for the trial, which US authorities are keeping open against him and Binance. At this point, Zhao will accept the charges against him and announce his resignation. However, the deal will allow him to retain shareholder control of the company.

Binance also has pending legal proceedings with the SEC, the US stock market regulator. The pact with the Department of Justice does not cover any lawsuits that Binance believes it can win.

Source: El Diario

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