The CEO of Binance, the biggest cryptocurrency exchange in the world, is rumored to resign and enter a guilty plea to breaking criminal U.S. anti-money-laundering laws, according to those acquainted with the situation. This agreement could keep the business viable.
According to these reports, Changpeng Zhao is scheduled to present his defense in federal court this afternoon US time in Seattle. According to the people, Zhao-owned Binance will also enter a guilty plea to the accusations and consent to pay fines totaling $4.3 billion, which will settle any outstanding legal claims from authorities.
Zhao won’t be able to assume an executive position at Binance, but the agreement will allow him to keep most of his shares in the business. A later time will see his sentencing.
The result resembles a previous legal case prosecuted against officials of BitMEX, a cryptocurrency derivatives trading exchange situated in the Seychelles.
After being found guilty of breaking the anti-money laundering rule, Arthur Hayes, the company’s former CEO, was spared a six-to-12-month prison term and received a two-year sentence of supervised release.