Daily Management Review

WSJ: Founder of Binance sets to resign


Changpeng Zhao, the founder and CEO of Binance, made the announcement on Tuesday in the Seattle court. Zhao plans to resign and enter a guilty plea for breaking anti-money laundering regulations, reports the Wall Street Journal.

Dmitry Shustov
Dmitry Shustov
According to The Wall Street Journal, which cites sources, Changpeng Zhao, the founder and CEO of Binance, the biggest cryptocurrency exchange in the world, plans to step down and enter a guilty plea to violating anti-money laundering regulations.

Zhao made this announcement in a Seattle court later on Tuesday, Nov. 21, according to the publication. The WSJ notes that Binance will also consent to pay $4.3 billion in fines and enter a guilty plea to the charges brought against it.

After that, it is anticipated that the cryptocurrency exchange will be permitted to carry on with business as usual and that the investigation into it will be concluded. Though he will no longer be able to hold a management position, Zhao will still be able to maintain a controlling stake in Binance.

The head of Binance was sued in late March. The commission charged Binance with neglecting to register in accordance with protocols and with not carrying out its responsibilities with regard to trading cryptocurrency derivatives. The lawsuit was described at the time by Binance as "unexpected and disappointing."

source: wsj.com