Wall Street Journal: CEO of cryptocurrency exchange Binance wants to plead guilty and resign
Photo: Afghan National Police
Binance CEO Changpeng Zhao, who is also the co-founder of the cryptocurrency exchange, plans to resign from his position and plead guilty. According to the Wall Street Journal, he has reached an agreement with the US Department of Justice, among others. Zhao is suspected of violating anti-money laundering rules.
Chow is scheduled to appear in federal court in Seattle on Tuesday. The American newspaper says that with the settlement, Binance can continue to operate. The company has reportedly agreed to plead guilty in a criminal complaint and pay a $4.3 billion (€3.9 billion) fine.
Binance has been the subject of investigations by regulators for some time because the company allegedly does not adhere to investment rules at all, both in the US and abroad. Binance is no longer allowed to offer its services in the Netherlands. Reportedly, several jobs at the company have already been eliminated.
The lawsuits have also made it difficult for Binance to continue doing business. For example, banks in the United States have severed their ties with Binance.US, which means that customers of the trading platform can no longer exchange cryptocurrencies such as Bitcoin for dollars.
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