Binance Crypto Exchange CEO to Step Down, Company to Pay $4.3Bln in Fines - Reports

WASHINGTON (Sputnik) - Binance cryptocurrency exchange platform CEO Changpen Zhao will step down and plead guilty to violating US anti-money laundering requirements, while also paying $4.3 billion in fines, The Wall Street Journal reported on Tuesday.

Zhao, the CEO of the world's largest crypto exchange is set to step down from his position and plead guilty to violating US anti-money laundering requirements, in a deal that would reportedly preserve Binances’ ability to continue its operations, the report said citing people familiar with the subject.

The CEO will appear before the Seattle federal court on Tuesday to enter his plea agreement, the report said. Moreover, Binance will also plead guilty to a criminal charge and will pay $4.3 billion worth of fines, including the sum agreed to settle civil allegations made by regulators, the report added.

Under the deal, Zhao would be allowed to keep his majority stake in Binance but will be deprived of occupying any executive role in the company.

However, the reported deal does not include settlements with the US Securities and Exchange Commission (SEC) who brought 13 charges against Binance and Zhao for violating securities laws, in early June.

Binance is the world's leading blockchain ecosystem and cryptocurrency infrastructure provider with a range of financial products including the largest digital asset trading exchange globally.