Binance Founder Pleads Guilty, Steps Down as CEO Amid $4.3B Fine

Richard Teng, a former regulator, takes over as CEO as Binance agrees to enhance compliance program in line with US anti-money laundering standards.

Binance founder Changpeng Zhao has pleaded guilty to failing to maintain an effective anti-money laundering program, resulting in the largest penalty ever imposed on a money services business in US history.
Following the guilty plea, Zhao has stepped down as CEO of Binance and has been replaced by Richard Teng, a former regulator.
Binance has agreed to pay a $4.3 billion fine to the US government, and the company is required to maintain and enhance its compliance program to ensure its business is in line with US anti-money laundering standards.
Despite the significant outflows from Binance following the announcement, experts believe the company is likely to survive due to its compliance with the DOJ process, implementation of a three-year strategy to get its operations into compliance, and the amount of assets held within the company's reserves.
The case against Binance is a joint effort by the Department of Justice, the Commodity Futures Trading Commission and the Treasury Department, signaling a whole-of-government approach to combat corporate crime in the crypto industry.