Binance and CEO Plead Guilty to Criminal Charges, Pay Record $4.3 Billion Penalty

Former CEO Changpeng Zhao requests to return to UAE ahead of sentencing, while Binance continues operations under strict conditions.

Binance, the world's largest cryptocurrency exchange, and its CEO, Changpeng Zhao, have pled guilty to criminal charges in the USA. Binance has agreed to pay $4.3 billion, the largest penalty in US Treasury and FinCEN history, and Zhao has stepped down as CEO.
Zhao, a citizen of Canada and the United Arab Emirates, has requested to return to his home in the UAE ahead of his sentencing, scheduled for Feb. 23. He faces up to a decade in prison but under a plea deal is expected to get no more than 18 months.
Binance was found guilty of failing to report over 100,000 suspicious transactions with organizations the U.S. described as terrorist groups, among them Hamas, al Qaeda, and the Islamic State of Iraq and Syria, according to U.S. authorities.
As part of the plea arrangement, Binance will continue operations under numerous conditions, including a complete exit from the United States, and a five-year monitorship where the U.S. Treasury Department will retain access to books, records, and systems of Binance.
Richard Teng, Binance's global head of regional markets, will replace Zhao as CEO. His focus will be on 'collaborating with regulators' in addition to 'reassuring users.'