Binance CEO Pleads Guilty and Steps Down in $4.3 Billion Settlement

Binance CEO Changpeng Zhao has stepped down and pleaded guilty to breaking U.S. anti-money laundering laws as part of a $4.3 billion settlement, resolving a years-long probe into the world's largest crypto exchange. Zhao will personally pay $50 million, and the deal is described as one of the largest corporate penalties in U.S. history. Binance was found to have violated anti-money laundering and sanctions laws, failed to report suspicious transactions with terrorist groups, and never reported transactions involving child sexual abuse materials. Despite the serious violations, Zhao retains his stake in Binance, raising questions about the future of the exchange.