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France 24

Business

Peter O'BRIEN

Binance CEO Zhao to step down, plead guilty to settle US investigation

Binance Changpeng Zhao Crypto Cryptocurrency

BUSINESS DAILY © FRANCE 24

The CEO of Binance, Changpeng Zhao, has pleaded guilty to criminal charges, and has stepped down from the world's largest cryptocurrency exchange. Binance will pay more than $4 billion to the US government and admit wrongdoing, after it was accused of operating as an unregistered securities exchange among other violations of US money-laundering laws.

Zhao also faced allegations of diverting customer funds, similar to the charges faced by Sam Bankman-Fried, the founder of another crypto exchange FTX, who was convicted of fraud earlier this month.

Also this Tuesday, former OpenAI CEO Sam Altman is reportedly in talks to return to the leading artificial intelligence firm, after the board sacked him last Friday.

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