The CEO of Binance, Changpeng Zhao, commonly known as CZ, is set to step down from his role from the company as he plead guilty to money laundering violations, according to the Wall Street Journal. Binance, as a company, will also plead guilty and pay $4.3 billion fine.
This news arrives in the wake of the conclusion of a criminal investigation around the cryptocurrency exchange. The investigation centered on alleged regulatory breaches and illicit activities within Binance. And now, the finale of this probe seems to have prompted a leadership transition.
The investigation’s official outcome is happening today, as earlier this morning Bloomberg reported that the U.S. Department of Justice (DOJ) is announcing Binances’ settlement later in the afternoon. This came right after the DOJ announced major cryptocurrency enforcement actions will be taken today as well.
CZ has been a massive figure in the cryptocurrency world, steering Binance’s meteoric rise to become the world’s largest Bitcoin and crypto exchange platform by trading volume. His departure from the helm of Binance could mark a significant shift in the industry.
Amidst this wave of news, Binance has not yet officially confirmed CZ’s departure plans, and CZ himself has so far refrained from commenting publicly on the matter.