In recent weeks, Changpeng Zhao stepped down from his CEO position and admitted to the money laundering charges against him. CZ, who has made few statements about the matter, has been barred from leaving the U.S. for a while.
At the Western District of Washington Federal Court in Seattle, Judge Richard Jones officially confirmed that Zhao has admitted to the charges.
Zhao is considered one of the most influential figures in the cryptocurrency sector, and Binance is known as one of the world’s largest cryptocurrency exchanges in terms of trading volume.
Following his admission of guilt, Zhao agreed to a payment of 4.3 billion dollars as part of one of the largest corporate settlements in history with Binance. He also personally agreed to pay a 50 million dollar fine and resigned from his position as CEO.
Source: The Block