Changpeng Zhao resigned from the company.
- Changpeng Zhao also referred to as CZ, is a Chinese-Canadian businessman who founded Binance, one of the biggest cryptocurrency exchanges in the world. He began his professional life in the financial sector, holding positions at Bloomberg Tradebook, Fusion Systems, and other firms.
- In July 2017, Zhao launched Binance and raised $15 million through an initial coin offering, as per Forbes. Due to its cutting-edge features and bold growth plans, Binance attracted a sizable user base and soon rose to prominence as one of the biggest and most significant cryptocurrency exchanges in the world.
- Over two-thirds of the total volume handled by centralised cryptocurrency exchanges was handled by Binance in 2022, when it enabled spot trades totalling $5.3 trillion. Mr Zhao and Binance attracted regulatory scrutiny and probes in Europe, Asia, and the United States because of worries about allowing money laundering and wire fraud.
- He pleaded guilty to the violations and resigned from his position on Tuesday. The deal with the Justice Department, part of a large settlement between Binance and other U.S. agencies, resolves criminal charges for conducting an unlicensed money transmitter business, conspiracy and breaching sanctions regulations.
- Mr Zhao will continue to have a majority stake in it and serve as a resource for “consultation on historical areas of the business.” It further stated that Richard Teng, an executive of Binance,will succeed Mr Zhao as CEO, as per Forbes.
