Just In: Binance CEO CZ Steps Down – Part Of $4 Billion Settlement With US
It has been just revealed that the Binance CEO is stepping down as part of a $4 billion settlement. Check out the latest reports about this below. Binance CEO CZ steps down Binance’s founder, Changpeng “CZ” Zhao, has ste...
Archive context
Older archive item. Useful for background and entity history, but not a fresh market-moving signal.
It has been just revealed that the Binance CEO is stepping down as part of a $4 billion settlement. Check out the latest reports about this below.
Binance CEO CZ steps downBinance’s founder, Changpeng “CZ” Zhao, has stepped down as CEO of the cryptocurrency exchange as part of a $4 billion settlement reached with various United States agencies.
The announcement, made on Tuesday by Zhao and multiple regulatory agencies, marks the end of years of investigations by the Department of Justice and others into violations related to money laundering and sanctions.
“I made mistakes, and I must take responsibility,” Zhao wrote in a post to X, the platform formerly known as Twitter. “This is best for our community, for Binance, and for myself.”
Forbes just noted, that in a press statement, Binance said it would take responsibility for not having appropriate compliance controls.
“When Binance first launched, it did not have compliance controls adequate for the company that it was quickly becoming, and it should have.”
According to Forbes, Zhao is stepping down as CEO of Binance, but he will remain the company’s majority shareholder and be available for consultation on historical aspects of the business.
Richard Teng, a Binance executive, will take over as CEO following Zhao’s departure. Zhao pleaded guilty to anti-money laundering and sanctions violations in federal court in Seattle as part of a settlement with the Department of Justice.
Binance has also settled with the DOJ and Commodities Futures Trading Commission, as well as the Department of Treasury’s Financial Crimes Enforcement Network and Office of Foreign Assets Control.
Under the terms of a five-year monitorship, the Treasury Department will have access to Binance’s books and records.
“Because of the crimes committed, Binance became the largest cryptocurrency exchange in the world,” Merrick Garland, the US Attorney General, said during a press conference on Tuesday.
“Now, Binance has paid one of the largest corporate penalties in US history.”
Why this matters
This cryptocurrency story adds another data point to the current market tape and is useful when read alongside nearby source coverage.
Original source
Read on CryptoGazetteRelated market context
Abracadabra blames hacks for shutdown amid ‘looting’ claims
Embattled DeFi project Abracadabra has proposed “an orderly wind down,” blaming a string of security incidents which leave its sta...
XRP Price Prediction: Binance XRP Scarcity Index Hits 20-Month Low
XRP is trading at $1.50, down more than 1% over 24 hours, as Binance’s scarcity index signals a sharp reversal in exchange supply...
US SEC and CFTC to operate with just three commissioners after Peirce’s departure
The reduced SEC and CFTC leadership may delay crucial regulatory actions, impacting the crypto industry's adaptation to evolving p...
Coinbase just completed its US derivatives stack but its biggest bet still sits outside it
Coinbase, the largest US-based crypto exchange, has secured Commodity Futures Trading Commission (CFTC) approval for its own deriv...
PUMP Crypto Surges +15%: Will Pump.Fun Explosion Boost SOL?
PUMP crypto is trading at $0.0058, up nearly +15% overnight after a +60% move over the past two weeks. Daily trading volume has al...
Stablecoin cards enter ‘hyper growth’ mode as monthly spending hits record $1.17 billion
Stablecoin card spending is accelerating to record levels, but the payment rail remains a fraction of the traditional card market....