Binance CEO Changpeng Zhao resigns and confesses to breaching US anti-money laundering laws in a historic $4.3 billion settlement, following an extensive investigation into the world's largest cryptocurrency exchange.
As part of the settlement involving Binance and various other entities, the agreement with the Justice Department addresses criminal charges related to operating an unlicensed money transmitter business, conspiracy, and violating sanctions regulations, according to a report by Reuters.
“Today, I stepped down as CEO of Binance. Admittedly, it was not easy to let go emotionally. But I know it is the right thing to do." Zhao posted on X. (Formely Twitter) He added, " I know Binance will continue to grow and excel with the deep bench it has."
Zhao also announced that Richard Teng, Binance's former Head of Regional Markets, will succeed him as the new CEO of Binance.
Richard, who previously held key roles such as CEO at the Financial Services Regulatory Authority at Abu Dhabi Global Market (ADGM) and Chief Regulatory Officer at the Singapore Exchange (SGX), joined Binance before taking on the role of CEO.
However, things don't seem concrete for Binance as the company's future still looms in a sphere of uncertainty.
Under Justice Department scrutiny for a long, Binance has confronted legal issues in the United States, including civil charges filed by the CFTC in March for its alleged failure to implement an effective anti-money laundering program. Internal communications disclosed that Binance officers and employees were cognizant of the platform's role in potentially illegal activities, such as transactions with the militant Palestinian group Hamas.
