Binance and Founder Plead Guilty to Money Laundering Charges, Agree to $4.4 Billion Settlement

Changpeng Zhao Steps Down as CEO, Faces Up to 18 Months in Prison

Binance, the world's largest cryptocurrency exchange, and its founder Changpeng Zhao have pleaded guilty to a series of money laundering charges and agreed to pay the federal government $4.4 billion in penalties.
Zhao, also known as CZ, has stepped down as CEO of Binance and agreed to pay a $50 million fine and another $150 million penalty to the Commodity Futures Trading Commission.
Binance was accused of processing transactions for individuals and nations sanctioned by the U.S. government, including Hamas and ISIS.
The company will continue to operate under a Treasury-approved monitor, and Zhao faces up to 18 months in prison.
Despite the penalties, Zhao will retain majority ownership of Binance.