Binance Founder’s Resignation Changpeng Zhao is facing an 18-month prison sentence after agreeing to a historic $4.3 billion settlement.
Zhao, who was the CEO, resigned and admitted to breaking US anti-money laundering laws. The settlement, one of the largest in US corporate history, includes Zhao paying $50 million personally.
US prosecutors revealed that Binance failed to report over 100,000 suspicious transactions involving groups considered terrorist organizations by the US, such as Hamas, al Qaeda, and the Islamic State of Iraq and Syria.
In response, Binanceofficial announced that they’ve reached agreements with US authorities to resolve past issues. They assured users that the platform remains secure and that there will be no impact on user experience. Binance emphasized their commitment to user asset security, maintaining a 1:1 backing for every user asset.
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Changpeng Zhao stepped down as CEO, and Richard Teng, the former Global Head of Regional Markets, is the new CEO. Teng, with over three decades of financial and regulatory experience, is expected to guide the company through its next phase of growth.
Binance stressed that despite recent challenges, they continue to operate as the world’s largest cryptocurrency exchange by volume. They highlighted their belief in a positive future for the crypto industry and shared that they’ve surpassed 150 million registered users, even amid the challenges of 2022’s bear market.
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