Binance CEO Changpeng Zhao, commonly known as CZ, will leave his position at the company after pleading guilty to money laundering violations, according to the Wall Street Journal. Binance, as a company, will also plead guilty and pay a fine of $4.3 billion.
This news comes after the conclusion of a criminal investigation into the cryptocurrency exchange. The investigation focused on alleged regulatory violations and illicit activities within Binance. And now, the end of this investigation appears to have sparked a leadership transition.
The official outcome of the investigation will be known today, as this morning Bloomberg reported that the US Department of Justice (DOJ) will announce the Binances deal later that afternoon. This came just after the Department of Justice announced that significant cryptocurrency enforcement actions will also be taken today.
CZ has been a huge figure in the cryptocurrency world, leading Binance’s meteoric rise to become the world’s largest bitcoin and cryptocurrency exchange by trading volume. His departure from the helm of Binance could mark a significant change in the industry.
Amid this wave of news, Binance has yet to officially confirm CZ’s exit plans, and CZ himself has so far refrained from publicly commenting on the matter.
