Former Binance CEO Changpeng Zhao Must Stay in U.S. Following Guilty Plea
Richard Teng Steps in as New CEO Amidst $4.3 Billion Settlement
- Former Binance CEO Changpeng Zhao is required to stay in the United States until his sentencing hearing in February, following his guilty plea to violating U.S. anti-money laundering laws.
- Zhao agreed to a $175 million bond as part of the bail agreement and stepped down as CEO of Binance last week.
- Binance Holdings agreed to pay over $4.3 billion and pleaded guilty to breaking U.S. anti-money laundering and sanctions laws.
- Richard Teng, former Global Head of Regional Markets at Binance, has been named the new CEO of Binance.
- Coinbase CEO Brian Armstrong welcomes the crackdown on Binance, stating it allows the crypto industry to 'turn the page' on past scandals.
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