Bitcoin

Billion

<ul> 
 <li>As part of the plea agreement, CZ would be able to keep his majority share in Binance.</li> 
 <li>The WSJ reports that CZ plans to enter guilty pleas on many offenses brought by the DOJ.</li> 
</ul> 
According to a <a href="https://www.wsj.com/finance/currencies/binance-ceo-changpeng-zhao-step-down-plead-guilty-01f72a40" target="_blank" rel="noreferrer noopener nofollow">WSJ article</a>, Binance CEO <a href="https://thenewscrypto.com/binance-celebrates-sixth-anniversary-ceo-changpeng-zhao-delivers-key-note/" target="_blank" rel="noreferrer noopener">Changpeng Zhao</a> (CZ) has decided to resign ahead of the DOJ’s announcement that it had settled with the cryptocurrency exchange for $4.3 billion. 
The WSJ reports that CZ plans to enter guilty pleas on many offenses brought by the Department of Justice. The publication said that on November 21, he would be present in a Seattle federal court to make a plea. Also, he is expected to enter a guilty plea on “a criminal charge” pertaining to the violation of Anti-Money Laundering regulations as per WSJ. 
As part of the plea agreement, CZ would be able to keep his majority share in <a href="https://thenewscrypto.com/u-s-doj-reportedly-seeks-4b-settlement-in-ongoing-binance-probe/" target="_blank" rel="noreferrer noopener">Binance</a>. Moreover, he probably won’t go to prison, but he can’t be an executive there either. 
<h3 class="wp-block-heading" id="h-potential-settlement-underway">Potential Settlement Underway</h3> 
Moreover, the U.S&nbsp;<a href="http://SEC.gov" target="_blank" rel="noreferrer noopener nofollow">SEC</a>, which accused Binance of acting as an unregistered securities and clearing platform, will not be involved in the proposed settlement accord. Many assumptions about the potential settlement are being made at this time. It is still unclear whether Binance would pay the entire amount of $4 billion that the DOJ requested or a new amount is agreed upon. 
The exchange has been reportedly under investigation by the Department of Justice (DOJ) since 2018 for possible violations of KYC&nbsp;and Anti-Money Laundering (AML) regulations regarding the access of sanctioned persons to the platform. 
At the time of writing, Bitcoin is trading at $36,863, down 1.86% as per data from CoinMarketCap. Moreover, Binance’s BNB token is down 6.12% in the last 24 hours. Investors and traders will be watching this ongoing settlement&nbsp;closely since the conclusion will undoubtedly affect the cryptocurrency market overall. 
Highlighted Crypto News Today: 
<a href="https://thenewscrypto.com/bittrex-global-shuts-down-months-after-u-s-subsidiary-closure/" target="_blank" rel="noreferrer noopener">Bittrex Global Shuts Down Months After U.S Subsidiary Closure</a> 
Disclaimer: This news is unverified as we are yet to have an official word from CZ or Binance.

Binance CEO Pleads Guilty, Settles DOJ Case at $4.3 Billion

Table of Contents

TheNewsCrypto

Other articles published on Nov 21, 2023

Chainlink Rises Steadily Amidst Collaborative Ventures

Mastercard and Feedzai Team Up to Detect Crypto Fraud in Real-Time Using AI

Yuan Rallies as State-Owned Banks Step Up Purchases

Hashrate dan Tingkat Kesulitan Bitcoin Mining Cetak ATH Baru, Ini Artinya

Used Antminer S19 Bitcoin Rigs Becoming a Lucrative Investment

Will CAKE Price Regain $3 By November End?

Join our free newsletter for daily crypto updates!