JUST IN: Binance CEO, Changpeng Zhao, quits position, pleads guilty in US court

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Changpeng Zhao, founder and CEO of Binance, entered a guilty plea on Tuesday and consented to resign from his position.

 

A report indicates that Binance, the largest cryptocurrency exchange in the world, will be ordered to pay $4.3 billion to resolve multiple criminal violations uncovered by the U.S. Department of Justice (DOJ).

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Zhao is expected to appear in a Seattle federal court and enter his plea bargains.

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The development is coming more than five months after the U.S. Securities and Exchange Commission accused Binance and its founder of lying to regulators about its operations.

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About 13 charges were filed against Binance and Zhao in the federal case.

 

In March this year, the U.S. Commodity Futures and Trading Commission complicated the case for the company after filing a suit against Binance, Zhao and its Chief Compliance Officer, Samuel Lim, for alleged violation of trading and derivatives rules.

 

Binance was launched in June 2017 and within six months became the largest crypto exchange in the world.

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