Why CZ is stepping down as Binance CEO
According to those acquainted with the situation, the CEO of Binance, the biggest cryptocurrency exchange in the world, intends to resign and enter a guilty plea to breaking criminal anti-money-laundering laws in the United States.
Changpeng Zhao is expected to submit a plea in federal court on Tuesday afternoon in Seattle. According to the reporters, Binance will also enter a guilty plea to a criminal charge and pay fines totaling $4.3 billion, which includes money to resolve civil claims filed by regulators.
The settlement will be with the DOJ and Commodities Futures Trading Commission; the Securities and Exchange Commission is not participating.
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In June, the SEC accused Binance and its founder, CZ, of running an unlicensed exchange and deceiving investors by inflating the trading volume on Binance’s U.S. platform through the use of a fund domiciled in Switzerland, Sigma Chain, which CZ also owned. SEC chair Gary Gensler stated in June, “We allege through thirteen charges that Zhao and Binance entities engaged in an extensive web of deception, conflicts of interest, lack of disclosure, and calculated evasion of the law.”
CZ
The company was accused of offering cryptocurrency derivatives, such futures or options contracts, to American individuals without registering as a futures commodities merchant, according to allegations made by the CFTC, which led to the SEC’s action.
Bloomberg reported Monday that Binance was set to agree to a $4 billion settlement with the Justice Department. The deal would mark the end of a Justice Department investigation into the crypto exchange that began at least in 2018. Reuters reported that federal prosecutors had asked Binance to hand over files and messages relating to its U.S. customers in late 2020.
Max Baucus, a former US senator and ambassador to China, will serve as the chairman of the Global Advisory Board, which Binance announced last September. Former Obama campaign manager David Plouffe and former French Treasury chief Bruno Bézard are among the other members.
This is a breaking story. Please check back for updates.
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Written by Shogun Saski
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