Binance CEO Changpeng Zhao Resigns Amid Money Laundering Charges, Company Faces $4.3 Billion Penalty #
Changpeng Zhao, the CEO of Binance, the world’s largest cryptocurrency exchange, has resigned following his guilty plea to charges of money laundering. Zhao acknowledged his mistakes and expressed his decision as being in the best interest of the Binance community and himself. The U.S. Justice Department has imposed a hefty $4.3 billion penalty on Binance for its role in facilitating sanction bypassing and illegal transactions. The exchange was found to have enabled significant transactions involving U.S., Iranian, Syrian users, and those in Russian-occupied Ukrainian regions. Richard Teng, previously head of regional markets at Binance, has been appointed as the new CEO. The company, now required to report suspicious activities, faces increased scrutiny following its involvement in illegal financial activities.