• Changpeng Zhao pleads guilty to money laundering charges.
• The CEO of Binance has resigned after pleading guilty.
• The U.S. Justice Department has imposed a $4.3 billion penalty on Binance.

Changpeng Zhao, the CEO of Binance, has resigned after pleading guilty to money laundering violations.

The U.S. Justice Department has imposed a $4.3 billion penalty on Binance, citing the exchange’s involvement in helping users bypass sanctions globally.

The Justice Department alleges that Binance facilitated transactions between U.S. and Iranian users, as well as transactions involving users in Syria, Crimea, Donetsk, and Luhansk.

The exchange is accused of enabling criminals and terrorists to move money, including direct transfers from a Russian darknet marketplace.

Binance is now required to report suspicious activity to federal authorities. Richard Teng has been appointed as the new CEO.

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