Binance CEO Changpeng Zhao arrived at the Seattle federal court on Tuesday. According to a comprehensive agreement with the U.S. Department of Justice, Changpeng Zhao will plead guilty to suspected money laundering charges and pay a $50 million fine.
People familiar with the matter revealed that Changpeng Zhao agreed to resign as part of a settlement agreement with the U.S. Treasury Department and the Commodity Futures Trading Commission. Binance reportedly agreed to plead guilty to several criminal charges and pay a $4.3 billion fine. The deal will end a years-long investigation into Binance.
Binance was charged with three counts, including money laundering, conspiracy to conduct an unlicensed money transfer business, and sanctions violations. Binance Coin fell about 5% after the news was announced.
U.S. Attorney General Merrick Garland and Treasury Secretary Yellen held a press conference at 3:00 pm ET on Tuesday to announce more details about the settlement agreement.
Related articles: