Binance CEO Pleads Guilty to US Crimes: What Went Wrong

Changpeng Zhao, the CEO of Binance, has stepped down and pleaded guilty to breaking U.S. anti-money laundering laws as part of a $4.3 billion settlement with the Justice Department. The settlement resolves criminal charges against Binance for conducting an unlicensed money transmitter business, conspiracy, and breaching sanctions regulations. Zhao will personally pay $50 million and is barred from all involvement with Binance. He could face a prison sentence of 10 to 18 months, with prosecutors seeking an 18-month term. Richard Teng, a senior Binance executive, has been appointed as the new CEO.