Now-former Binance CEO <a href="https://cryptoslate.com/people/changpeng-zhao/" rel="noopener noreferrer nofollow">Changpeng Zhao</a> has pleaded guilty to money laundering charges, according to reports from The New York Times on <a href="https://www.nytimes.com/2023/11/21/technology/binance-changpeng-zhao-pleads-guilty.html" rel="noopener noreferrer nofollow">Nov. 21</a>.
Zhao reportedly entered his guilty plea in federal court in Seattle today and agreed to pay a $50 million fine as part of the plea deal. That fine is separate from <a href="https://cryptoslate.com/companies/binance/" rel="noopener noreferrer nofollow">Binance’s</a> $4.3 billion investigation resolution with the Department of Justice (DOJ).
Prosecutors within the DOJ told the newspaper that they are seeking an 18-month prison sentence for Zhao, in line with maximum federal guidelines.
<h2 id="zhao-comments-on-his-resignation">Zhao comments on his resignation</h2>
Zhao’s plea deal also required him to step down from his leadership position at Binance. He commented on his departure in a post on X today, <a href="https://x.com/cz_binance/status/1727063503125766367" rel="noopener noreferrer nofollow">writing</a>:
<blockquote>
 “Today, I stepped down as CEO of Binance. Admittedly, it was not easy to let go emotionally. But I know it is the right thing to do. I made mistakes, and I must take responsibility. This is best for our community, for Binance, and for myself.”
</blockquote>
Zhao suggested that he plans to become a private, passive investor in areas including blockchain, but said that he will remain involved with Binance and will be available for consultation as needed. He also implied that he will remain a Binance shareholder.
The New York Times, however, suggests that Zhao is barred from involvement in Binance for three years after the company receives an appointed monitor.
Zhao additionally said that Binance’s now former Global Head of Regional Markets, Richard Teng, will become the CEO of the company. He emphasized Teng’s longstanding experience in traditional financial markets, noting that Teng served in executive roles at Dhabi Global Market (ADGM), the Singapore Exchange (SGX), and the Monetary Authority of Singapore before he joined Binance.
Teng confirmed that he would take on the position in a <a href="https://x.com/_richardteng/status/1727066202047164562" rel="noopener noreferrer nofollow">separate tweet</a>, stating that it is with “honour and with the deepest humility” that he takes on the role of CEO.
Zhao also commented on Binance’s recent <a href="https://www.justice.gov/opa/pr/binance-and-ceo-plead-guilty-federal-charges-4b-resolution" rel="noopener noreferrer nofollow">agreement</a> with the Department of Justice (DOJ), noting that the resolution does not allege that Binance misappropriated user funds or engaged in any market manipulation.
The post <a href="https://cryptoslate.com/binances-changpeng-zhao-pleads-guilty-to-money-laundering-comments-on-resignation/" rel="noopener noreferrer nofollow">Binance’s Changpeng Zhao pleads guilty to money laundering, comments on resignation</a> appeared first on <a href="https://cryptoslate.com" rel="noopener noreferrer nofollow">CryptoSlate</a>.

Binance’s Changpeng Zhao pleads guilty to money laundering, comments on resignation

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