Binance CEO Changpeng Zhao resigns in exchange for a $4.3 billion DOJ settlement for money laundering.

Changpeng Zhao plans to admit guilt to multiple charges brought forth by the Department of Justice. His plea is scheduled to take place in a federal court in Seattle on November 21, during which he will acknowledge his culpability, particularly in connection with violating anti-money laundering statutes. Binance CEO will pay a $50 million fine.

The Wall Street Journal further stated that as the plea agreement excludes a settlement for the lawsuit the SEC filed against Binance in June, it will not have an impact on the ongoing legal proceedings with the agency.

While the agreement enables CZ to maintain his majority stake in Binance, suggesting the likelihood of avoiding incarceration through the plea deal, he will be prohibited from holding an executive role within the company.

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