Binance CEO Plead Guilty

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Changpeng Zhao, the founder and CEO of Binance, is stepping down and pleading guilty to violating anti-money laundering laws. Binance will pay a $4.3 billion fine as part of a settlement with the US Department of Justice. Richard Teng is set to become the next CEO.

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Changpeng Zhao (CZ), the CEO and founder of Binance, has stepped down and pleaded guilty to charges of anti-money laundering [Euronews]. He has reached a settlement deal with the US Department of Justice (DOJ) to pay a $4.3 billion fine [Washington Post]. The plea agreement requires CZ to admit to violating US laws [Reuters], and he has agreed to cooperate with the ongoing investigation [HuffPost]. Binance, the world's largest cryptocurrency exchange, will also admit to wrongdoing as part of the deal [MarketScreener].

The charges against CZ and Binance come amid a crackdown by US regulators on the cryptocurrency industry [CNN]. The DOJ has been investigating Binance for potential violations of US money laundering and securities laws [Gizmodo]. The settlement with Binance is one of the largest ever reached in a DOJ investigation [Barron's].

CZ's resignation and guilty plea have sent shockwaves through the cryptocurrency market, causing the price of Binance Coin (BNB), the native token of the Binance exchange, to crash [Forbes]. Richard Teng, former CEO of the Financial Services Regulatory Authority of Abu Dhabi Global Market, is rumored to be a top contender to replace CZ as the new CEO of Binance [Forbes].

News of CZ's guilty plea has garnered significant attention from media outlets around the world [New York Daily News, The Guardian, Bloomberg, etc.]. Many have highlighted the irony of CZ, who had cultivated an image of responsibility in the cryptocurrency industry, now pleading guilty to breaking anti-money laundering laws [Vice].

Overall, CZ's resignation and guilty plea mark a significant development in the ongoing regulatory scrutiny of the cryptocurrency industry. The settlement with the DOJ and the leadership change at Binance could have far-reaching implications for the future of the exchange and the wider crypto market.

Current Stats

Data

Virality Score 7.1

Change in Rank NEW

Thread Age 17 days

Number of Articles 97

Political Leaning

Left 30.3%

Center 42.4%

Right 27.3%

Regional Coverage

US 72.7%

Non-US 27.3%

Recent Coverage

CZ, founder of crypto giant Binance, pleads guilty to money laundering violations

NPR - 17 days ago - Changpeng Zhao agreed to plead guilty to money laundering charges and step down from Binance as part of a sweeping settlement with the Department of Justice and top regulators.

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Al Jazeera - 17 days ago - US authorities say CEO Changpeng Zhao pleaded guilty to breaking anti-money laundering laws.

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NBC news - 17 days ago - The CEO of Binance, the world’s largest cryptocurrency exchange, will step down after the company pleaded guilty Tuesday to violations of the Bank Secrecy Act, an anti-money laundering law, among other charges.

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Investopedia - 17 days ago - The world's largest crypto exchange, Binance, has been fined $4.3 billion and its CEO Changpeng Zhao has agreed to step down due to a lack of anti-money laundering compliance.

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Market Watch - 17 days ago - Changpeng Zhao, co-founder of the world’s largest crypto exchange Binance, will reportedly plead guilty to criminal charges related to violating U.S....

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euronews - 17 days ago - Changpeng Zhao, known as "CZ", plans to step down as CEO of the world's largest cryptocurrency exchange and plead guilty to felony charges.

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Gizmodo - 17 days ago - As part of a settlement with the Department of Justice, the crypto exchange will reportedly pay $4 billion and be allowed to continue operations.

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Washington Examiner - 17 days ago - Binance founder and CEO Changpeng Zhao will resign from the firm and has pleaded guilty to violating criminal law as part of a deal with the government of the United States.

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The Sydney Morning Herald - 17 days ago - Binance and its CEO Changpeng Zhao pleaded guilty to criminal charges for anti-money laundering and US sanctions violations, including allowing transactions with Hamas and other terrorist groups.

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Fox Business - 17 days ago - Binance, the world's largest cryptocurrency exchange, will pay more than $4 billion in a plea agreement with the U.S. government, FOX Business has confirmed.

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Washington Post - 17 days ago - As part of the plea deal, Binance, the world’s largest cryptocurrency exchange, will pay a $4.3 billion fine, according to court documents.

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RT - 17 days ago - Binance CEO Changpeng Zhao has stepped down after reaching a plea deal with US authorities

Binance founder Changpeng Zhao agrees to plead guilty to money laundering violations

The Guardian - 17 days ago - Court filing said as part of guilty plea Zhou agreed to pay $50m fine and step down from role as chief executive of the company

Founder of world’s largest pleads guilty to anti-money laundering charge

Hindustan Times - 17 days ago - CEO Changpeng Zhao pleaded guilty to one count of failure to maintain an effective anti-money-laundering program in federal court in Seattle.

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Barrons - 17 days ago - The founder of the crypto exchange is expected to plead guilty on anti-money laundering violations, media reports said.

Binance CEO Pleads Guilty as Part of $4.3 Billion DOJ Settlement

The New American - 17 days ago - Zhao Changpeng, founder and CEO of Binance, the world’s largest cryptocurrency exchange, will step down as CEO as part of a settlement with the Department of Justice. Zhao plead guilty to money-laundering charges, and Binance will pay a $4.3 billion dollar fine. Zhao will face sentencing for the criminal charges at a later time. According ...