Binnace CEO Changpeng Zhao is set to resign from his position as CEO of Binance and plead guilty to violating criminal U.S. anti-money-laundering requirements. Binance will also plead guilty to a criminal charge and pay fines totaling $4.3 billion. The charges stem from Binance’s alleged failure to implement proper anti-money laundering controls, which allowed criminals to use the platform to launder funds. As part of the plea agreement, CZ is banned from any involvement in operating or managing Binance for three years, after which the ban will be lifted. Binance will also be required to appoint an independent compliance monitor for three years and report its compliance efforts to the U.S. government. The fines will be paid to the U.S. Department of Justice, the Commodity Futures Trading Commission, and the Securities and Exchange Commission. The plea agreement is subject to court approval.
Source: https://coinpedia.org/crypto-live-news/binance-ceo-to-resign-plead-guilty-in-aml-case/