<ul><li>Changpeng Zhao steps down as Binance CEO following a $4.3 billion settlement with U.S. regulatory bodies over compliance failures.</li><li>The settlement includes a $3.4 billion penalty to FinCEN and $968 million to OFAC, with Zhao pleading guilty to anti-money laundering and sanctions violations.</li><li>Richard Teng will succeed Zhao as CEO, while Zhao will remain a major shareholder and consultant for Binance.</li></ul>Changpeng Zhao, the founder and CEO of Binance, the world&#39;s largest cryptocurrency exchange, has stepped down from his position following a <a href="https://storage.courtlistener.com/recap/gov.uscourts.wawd.328551/gov.uscourts.wawd.328551.1.0.pdf" rel="noopener noreferrer nofollow">landmark settlement</a> with United States regulatory agencies. This development comes in the wake of extensive investigations led by the Department of Justice (DOJ) and other agencies into allegations of anti-money laundering and sanctions violations by Binance.In a statement, Zhao acknowledged his role in the company&#39;s <a href="https://cryptotale.org/crypto-exchange-binance-faces-serious-allegations-and-decline-in-market-share/" rel="noopener noreferrer nofollow">past compliance issues</a>. He acknowledged that he &#34;made mistakes&#34; and must &#34;take responsibility,&#34; emphasizing that this decision was in the best interest of the community, Binance and himself. Binance, in its <a href="https://x.com/binance/status/1727064464061821067?s&#61;20" rel="noopener noreferrer nofollow">press release</a>, admitted to initial inadequacies in its compliance controls, a factor that contributed to its rapid growth and subsequent regulatory scrutiny.Read full article at <a href="https://cryptotale.org/binance-ceo-changpeng-zhao-resigns-amidst-historic-4-3-billion-sec-settlement/" rel="noopener noreferrer nofollow">CryptoTale.</a>

Binance CEO Changpeng Zhao Resigns Amidst Historic $4.3 Billion SEC Settlement

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