Binance CEO Changpeng Zhao pleads guilty as part of broad pact with US authorities - Yahoo Finance
( November 21, 2023; Yahoo Finance )
Description: "A $4.3 billion pact between Binance and US authorities represents the most high-profile crypto crackdown since the arrest of FTX founder Sam Bankman-Fried in 2022."
Binance CEO Changpeng Zhao is stepping down and pleading guilty to violating anti-money laundering requirements as part of a wide-ranging deal his company reached with US authorities — a dramatic fall for the leader of the world's largest cryptocurrency exchange.
Binance, as part of the deal, will pay regulators and prosecutors penalties of $4.3 billion and also plead guilty to criminal charges relating to money laundering, conducting an unlicensed money transmitting business, and sanctions violations.
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This is breaking news.
According to this and other news reports, Changpeng Zhao - commonly known as "CZ" is stepping down as the CEO of Binance and pleading guilty to anti-money laundering violations. According to CZ's Twitter Feed, Richard Teng will be taking over as CEO of Binance. Previously, Teng was the company's Global Head of Regional Markets.
Read the rest from Yahoo Finance: Binance CEO Changpeng Zhao pleads guilty as part of broad pact with US authorities
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This man knew he was doing something bad, so much ambition for nothing, I believe in KARMA, the good and the bad are returned, the universe is vast and as they say, between heaven and earth there is nothing hidden, there is something that is called conscience, how can people who do evil sleep peacefully, but it is something individual, I know.
Sorry for all the philosophy, but that's what I think.
I really don't know. I haven't paid much attention, since I've never used Binance, anyway. It'll be interesting to see how he's sentenced. I was surprised to hear, yesterday, that prosecutors are arguing that he might be a "flight risk". Seems like you wouldn't make a plea deal with someone if you were concerned about that...