Binance CEO Changpeng Zhao better known as CZ, has stepped down as Binance CEO with imediate effect. This comes after Binance has agreed a $4.3 billion settlement with the DOJ. This brings to an end the long running probe into Binance from the Department of Justice relating to issues with the commodity futures trading commission.
CZ has agreed to plea guilty to a number of charges including fraud and a criminal charge of anti money laundering statutes. It is said that he will no longer be allowed serve as an executive of a company but will be allowed keep his stake of the company.
The Wall Street Journal also reported that this plea deal won’t affect pending litigation with the U.S. Securities and Exchange Commission, as it does not include a settlement for the case it brought against Binance in June.
