On November 21, 2023, Binance Co-Founder and CEO Changpeng Zhao pleaded guilty to violating US anti-money laundering charges brought by the Department of Justice. He agreed to a $4.3 billion settlement deal in a Seattle court, which includes a personal payout of $50 million. In addition to stepping down from his CEO position, Zhao is prohibited from any involvement with Binance for three years after the appointment of a government monitor.

To know more, read here https://www.fcctimes.com/2023/11/21/binance-ceo-pleads-guilty-to-money-laundering-4-billion-settlement-and-leadership-change-amidst-historic-penalties/?utm_source=RZOLUTWebsite&utm_medium=FCCPoI22Nov

Binance has agreed to accept the appointment of a government monitor to oversee its business operations. Furthermore, the company will retain an independent compliance monitor for three years to remediate and enhance its anti-money laundering and sanctions compliance programs.

Launched in 2017, Binance quickly became the largest cryptocurrency exchange globally, with the majority of its customers based in the United States. In June 2023, the U.S. Securities and Exchange Commission (SEC) charged Binance and Zhao with 13 counts of alleged violations of US securities rules.