By WU Yangyu
Changpeng “CZ” Zhao, the founder of the world’s largest cryptocurrency exchange Binance, has pleaded guilty to money laundering charges brought by the US government.
Zhao will pay a US$50 million (360 million yuan) fine and step down as the CEO of the exchange, but will be allowed to keep most of his stake in the company.
Binance also pleaded guilty and agreed to pay US$4.3 billion in fines and restitution to the government.
“I made mistakes, and I must take responsibility. This is best for our community, for Binance, and for myself,” Zhao said in a post on X, formerly known as Twitter.
Zhao also announced that Richard Teng, the global head of regional markets, has been named the new CEO, effective immediately.
Prior to joining Binance, Teng was CEO of the Financial Services Regulatory Authority in Abu Dhabi, and chief regulatory officer of the Singapore Exchange.
