Binance CEO to plead guilty in US$4.3bn settlement

The news: Binance chief executive Changpeng Zhao will step down and admit to breaking US anti-money laundering laws as part of a USD4.3 billion ($6.6 billion) settlement resolving a years-long probe.

The numbers: The world's largest crypto exchange will pay $1.81 billion within 15 months, and a further $2.51 billion forfeiture as part of the deal with the US Justice Department, prosecutors said. Zhao, who will now be barred from all involvement with Binance, will personally pay $50 million.

The context: Binance has been facing scrutiny from the Justice Department since at least 2018, according to Reuters. Zhao's guilty plea will resolve criminal charges on three counts, including conducting an unlicensed money transmitter business, conspiracy and breaching sanctions regulations. The crypto company's former chief compliance officer Samuel Lim will also be charged. Neither Zhao, Lim or the company responded to requests for comment.