Binance Founder Pleads Guilty: Faces $4.3 Billion in Penalties, Company Exits U.S. Market
Changpeng Zhao, founder and former CEO of #Binance, has pleaded guilty to violating multiple laws, including the Bank Secrecy Act. The Department of Justice announced a $4.3 billion penalty against Binance, marking one of the largest in a corporate criminal matter. As part of the settlement, Binance is required to make a complete exit from the U.S. market. Richard Teng, former Head of Regional Markets, will take over as CEO.
The charges stem from a five-year-long investigation revealing Binance's failure to prevent transactions involving illicit actors, including terrorist groups.
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