Changpeng Zhao who is the CEO of the largest global cryptocurrency exchange Binance has planned to step down as he pleads guilty to violating criminal U.S. anti-money-laundering requirements.
According to the people, prosecutors also unsealed a document charging Binance, with anti-money-laundering and sanctions crimes. Zhao will also plead guilty and agree to pay fines totalling $4.3 billion, which includes amounts to settle civil allegations made by regulators.
According to a source in the company, Richard Tend who is currently the head of regional markets at Binance is most likely to take over the company.
According to CoinmarketCap date, inance launched in June 2017 and within 180 days became the largest crypto exchange in the world. It had over $11.6 billion in trading volume during the past 24 hours, 515% higher than $1.9 billion in trading volume from the second largest crypto exchange.
Recall that in August, Checkout.com cut ties with Binance over concerns about the crypto firm’s alleged issues with anti-money laundering, sanctions and compliance controls. At the time, Binance’s spokesperson said it does not agree with “Checkout’s purported basis for termination and is considering our options for legal action.”