Binance chief executive Changpeng Zhao has resigned as he pleaded guilty to a US criminal charge of failure to protect against money laundering, after federal prosecutors unveiled a sweeping case against the world’s largest cryptocurrency exchange.
The crypto venue also pleaded guilty to a host of criminal charges related to money laundering and breaching international financial sanctions, agreeing to pay more than $4.3bn in penalties, US authorities said on Tuesday.
Within five years, Binance grew from a start-up into an exchange giant with employees in dozens of countries. In November 2022 it controlled more than half of the crypto market.
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