The CEO of Binance, one of the world’s largest cryptocurrency exchanges, pleaded guilty to money laundering in the United States and resigned.

On Tuesday, Changpeng Zhao, CEO of Binance, one of the world’s largest cryptocurrency exchanges, he pleaded guilty of money laundering in the United States, as part of a trial initiated against him by the American Department of Justice. Zhao, 46, Chinese but a naturalized Canadian, agreed to pay $50 million to close the trial and announced his resignation as CEO of the company, although he will retain the majority of shares.

The Justice Department opened an investigation into Zhao and Binance about a year ago, accusing them of allowing illicit financial transactions in the United States with people residing in sanctioned countries, such as Iran and Russia . Zhao is also the subject of an investigation for another matter, in this case by the SEC, the American financial markets supervisory authority: last June, the SEC had accused Binance and another large platform, Coinbase, promote financial trading activities without having authorization to do so.

Source: ilpost

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