Changpeng Zhao, also known as “CZ,” the founder and CEO of Binance, is stepping down and has pleaded guilty to a number of violations brought on through the Department of Justice and other U.S. agencies. He appeared in a Seattle federal court on Tuesday to enter his plea.

Richard Teng, Binance’s former global head of regional markets, will be the exchange’s new CEO, Zhao shared in a post on X Tuesday afternoon. Teng previously was the CEO of the Financial Services Regulatory Authority at Abu Dhabi Global Market, among other executive roles. In response to stepping down, Zhao said, “it is the right thing to do” adding, “I made mistakes, and I must take responsibility.” Zhao will remain a shareholder and said he will be “available to the team to consult as needed.”

Binance, the world’s largest crypto exchange, has also agreed to pay about $4.3 billion to resolve the DOJ’s investigations, the agency said in a press release on Tuesday.

As a part of Binance’s guilty plea, it has also reached agreements with the Department of Treasury’s Financial Crimes Enforcement Network (FinCEN), the Office of Foreign Assets Control (OFAC) and the Commodity Futures Trading Commission (CFTC) and will credit about $1.8 billion toward those resolutions.

The crypto exchange “admits it engaged in anti-money laundering, unlicensed money transmitting and sanctions violations,” the DOJ release stated, calling it the “largest corporate resolution” that included criminal charges for an executive. Zhao pleaded guilty to failing to maintain an anti-money laundering program.