Binance founder Changpeng Zhao has agreed to resign, and the cryptocurrency exchange will admit misconduct and agree to pay a $4.3 billion fine, WSJ reported.
Zhao Changpeng pleads guilty and is fined US$4.3 billion
WSJ reported that people familiar with the matter said that Zhao Changpeng was scheduled to appear in federal court in Seattle on Tuesday afternoon and enter a plea. Changpeng Zhao-owned Binance will also plead guilty to criminal charges and agree to pay a total of $4.3 billion in fines, including the amount to resolve civil charges brought by regulators, people familiar with the matter said.
The settlement will end a long-running investigation into Binance.
Zhao Changpeng still retains a majority stake, but must resign from his position
The settlement will allow Changpeng Zhao to retain his majority stake in Binance, but he will not be able to hold executive positions at the company and he will face sentencing later.
(Complete interpretation of CFTC suing Binance | Binance founder Changpeng Zhao & former attorney general violated regulations and requested a permanent trading ban)
This article News Flash: Binance founder Changpeng Zhao agrees to resign, pleads guilty, and fines US$4.3 billion. First appeared on Chain News ABMedia.