Binance Founder Falls Down Money Laundering Slope

After FTX collapsed, Binance’s CEO, Zhao Weibo, found Changpeng Zhao, also known as C.Z., guilty of fraud. Binance is the largest cryptocurrency exchange in the world.

In addition to paying $4.3 billion in fines and restitution, Binance will also step down as CEO and pay a $50 million fine. In addition, Zhao consents to the appointment of a monitor, and he will not be allowed to participate in Binance’s operations for three years following the monitor’s appointment.

The settlement is approaching the $5 billion that Goldman Sachs paid to authorities in 2020 to resolve foreign bribery charges. Binance and its CEO, Sam Bankman-Fried, were penalized for violating financial rules designed to protect US investors.

The SEC accused Binance of mishandling customer funds and lying to regulators.

Binance’s business has been severely impacted by these enforcement actions, with banks freezing access to Binance.US and a string of top executives leaving. Despite these challenges, Binance’s share of the crypto trading market has dipped this year.