Ex-Binance CEO Pleads Guilty to Money Laundering, Steps Down Amid $4.3B DOJ Settlement

Changpeng Zhao seeks permission to return to UAE before sentencing, faces up to 18 months in prison and $150M penalty.

Former Binance CEO Changpeng Zhao has pleaded guilty to money laundering and violating anti-money laundering requirements.
Zhao has stepped down as CEO of Binance as part of a $4.3 billion settlement with the Department of Justice.
Zhao's lawyers are urging a U.S. judge to allow him to return to his home in the United Arab Emirates before he is sentenced, arguing that he is not a flight risk.
Binance admitted to failing to prevent money laundering on its platform and operating illegally in the U.S., allowing traders in nations currently facing U.S. sanctions to engage in business deals with Americans.
Zhao faces up to 18 months in prison and has agreed to pay a $150 million penalty to the U.S. Commodity Futures Trading Commission.