Binance CEO Steps Down, Pleads Guilty to Federal Crimes

The world’s largest crypto exchange will pay more than $4 billion in penalties.

Changpeng Zhao, the co-founder and CEO of Binance, agreed to step down from the world’s biggest crypto exchange and pleaded guilty to violating U.S. anti-money laundering laws, the Justice Department said on Tuesday.

Zhao, who faces sentencing at a later date, will retain his majority ownership of Binance under the settlement but cannot serve in an executive role. Zhao wrote on X that Binance executive Richard Teng will take his place as CEO, saying “I made mistakes, and I must take responsibility. This is best for our community, for Binance, and for myself.”

Binance also pleaded guilty to a criminal charge and will pay $4.3 billion in fines, which includes a settlement for civil allegations. The deal brings to an end long-running probes into Binance, including a DOJ investigation, Commodity Futures Trading Commission charges and Treasury Department claims. A Securities and Exchange Commission lawsuit is ongoing and the deal does not include a settlement between the crypto exchange and the securities regulator.