Binance’s CZ admits guilt in money laundering case

Changpeng Zhao 3


  • Changpeng Zhao (CZ) resigns as CEO of Binance following agreement with the DOJ.
  • Binance reaches $4.3 billion settlement with DOJ.
  • CZ maintains his majority stake in Binance but will not be able to hold an executive position.

Changpeng Zhao, known as CZ, the founder of the well-known cryptocurrency exchange Binance, has made a crucial decision in his professional career. According to a report from the Wall Street Journal, CZ has agreed to resign from his position as CEO of Binance. This unexpected turn in his career comes as the US Department of Justice (DOJ) prepares to announce a landmark deal with Binance, valued at $4.3 billion.

Agreement details

According to The Wall Street Journal, CZ intends to plead guilty to several charges levied by the DOJ. He is scheduled to appear in federal court in Seattle on Tuesday afternoon, where he will enter his plea, the Journal said. The report also indicates that he will plead guilty to “one criminal charge.”

The deal, according to the report, will allow CZ to maintain its majority stake in Binance. However, you will be prohibited from holding an executive position within the company. This change is significant in the world of cryptocurrencies since Binance is one of the largest and most recognized exchange houses worldwide.

Future of Binance and CZ

CZ’s resignation as CEO of Binance marks an important moment in the company’s history. With his departure, a new stage opens for Binance, whose future direction and leadership are now a matter of great interest to cryptocurrency investors and users. Although CZ will not be able to hold an executive position, his influence as a majority shareholder remains significant.

Impact on the crypto market

This agreement between CZ and the DOJ not only affects Binance, but also has a considerable impact on the cryptocurrency market in general. The resignation of such an influential leader and the involvement of such a considerable sum in the deal are factors that could influence the public’s perception of the security and regulation of cryptocurrencies.

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