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Criminal Law

Founder of Binance Pleads Guilty to Anti-Money Laundering Charge

Changpeng Zhao, the founder of cryptocurrency exchange Binance, stepped down from his chief executive role on Tuesday, after pleading guilty to failing to prevent money laundering on his company’s platform.

The entity that operates Binance, the world’s largest cryptocurrency exchange, also pled guilty on Tuesday to violating the Bank Secrecy Act (BSA), an anti-money laundering act, and other charges. In doing so, the crypto company agreed to pay more than $4 billion, marking one of the largest corporate penalties in U.S. history, according to U.S. Attorney General Merrick Garland.

Zhao announced his decision to step down as Binance’s CEO on X, formerly known as Twitter, later Tuesday, saying his choice is “best for our community, for Binance” and for himself.

Read the source article at The Hill

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