- Former Binance CEO Changpeng Zhao pleaded guilty to anti-money laundering (AML) violations as part of a $3 billion settlement between Binance and U.S. authorities.
- As part of the plea deal, Zhao agreed to pay a $50 million fine and stepped down from his role as Binance CEO.
- Zhao has also resigned as chairman of the board of directors for Binance.US, removing his influence over Binance.US operations and governance.
Former Binance CEO Changpeng Zhao, also known as CZ, has pleaded guilty to anti-money laundering (AML) violations following a multi-year investigation by U.S. regulators. Zhao’s guilty plea comes as part of a historic $3 billion settlement between Binance and U.S. authorities.
Details of the Guilty Plea
On Wednesday, Judge Richard Jones of the U.S. District Court for the Western District of Washington in Seattle accepted Zhao’s guilty plea. This is according to court filings reviewed by The Block.
Last month, Zhao pleaded guilty to charges related to anti-money laundering and sanctions violations. As part of the plea deal, Zhao agreed to pay a $50 million fine and stepped down from his role as Binance CEO.
Zhao Stepping Down from Binance
In addition to stepping down as CEO, Zhao also resigned last week as chairman of the board of directors for Binance.US. This removes his influence over Binance.US operations and governance, leaving his interest in the U.S. arm of Binance as purely financial.
Since stepping down from his positions at Binance, Zhao has remained active on social media. He has posted about taking risks, reposted content from the new Binance CEO, and talked about his early bet on Bitcoin.
Conclusion
The guilty plea from Zhao represents an end to years-long investigations into Binance operations by U.S. regulators. It also concludes the process of Zhao stepping away from Binance leadership roles as the company enters a new phase under different executive leadership.
