CZ STEPS DOWN 🥺🥺

Changpeng Zhao, Binance CEO, Faces Money Laundering Charges and Resigns in $4.3 Billion Settlement with DOJ.

In a significant setback for the troubled cryptocurrency industry, the U.S. Justice Department has charged major exchange Binance and its CEO, Changpeng "CZ" Zhao, with violating money laundering laws and U.S. economic sanctions. Zhao is set to step down and plead guilty to the charges, with Binance agreeing to a $4.3 billion settlement. The complaint details allegations of Binance targeting U.S. customers without complying with anti-money laundering laws and servicing restricted countries. The company will pay $3.4 billion to the Treasury's Financial Crimes Enforcement Network and $968 million to the Treasury's sanction unit. This lawsuit follows previous legal actions by the SEC and CFTC against Binance. Despite efforts to improve compliance, the Justice Department charges highlight ongoing challenges for Binance in the U.S., potentially signaling an end to its operations in the country. The departure of Zhao raises questions about his successor, with Richard Teng considered a top contender. Binance's native token, BNB, initially spiked on settlement news but has since fallen to around $240. #BinanceSquareUpdates