Binance chief executive officer Zhao Changpeng has stepped down and pleaded guilty to violating US anti-money laundering laws in a $4.3 billion settlement, according to prosecutors. The settlement, described as one of the largest corporate penalties in US history, also requires Zhao to personally pay $50 million. The charges against Binance include conducting an unlicensed money transmitter business, conspiracy, and breaching sanctions regulations.

The CEO of the crypto exchange Binance will reportedly step down and plead guilty to a money laundering charge as part of a deal with the Justice Department.

The company will also plead guilty and pay a $4.3 billion fine.

Let me remind you: Crypto is a giant scam. pic.twitter.com/mkw4a94k5M

— Robert Reich (@RBReich) November 21, 2023

This is the latest blow to the crypto industry, which has faced numerous investigations in recent years. The settlement raises questions about the future of Binance, as Zhao's exit marks a significant development for the company he founded in 2017. Richard Teng, a longtime Binance executive, will take over as CEO. The deal is part of a larger settlement involving other US agencies, including the Commodity Futures Trading Commission and the Treasury Department. Binance's former chief compliance officer, Samuel Lim, has also been charged by the CFTC for violating the Commodity Exchange Act. Binance itself will pay $1.81 billion within 15 months and forfeit an additional $2.51 billion as part of the settlement. Zhao's plea agreement does not include prison time.