Close Menu
  • Entertainment
  • Lifestyle
  • Relationships
  • Tips & Tricks
  • Celebrity Kids
Facebook X (Twitter) Instagram
  • Disclaimer
  • About us
  • Privacy Policy
  • Contribute & Advertise with Us
Facebook X (Twitter) Instagram Pinterest Vimeo
GistFestGistFest
  • Entertainment

    How Demon Slayer: Infinity Castle Became a Blockbuster & the Biggest Anime Ever

    October 1, 2025

    Global Citizen Festival 2025: Shakira & Cardi B Lead NYC’s Fusion of Music and Activism

    October 1, 2025

    Tim Burton & Monica Bellucci Split After Two Years Together: A Gothic Romance Ends

    September 30, 2025

    Colin Farrell & Margot Robbie Reveal Regret Over Cut Dance Scene in A Big Bold Beautiful Journey

    September 29, 2025

    Afrobeats Dominates UK Charts: Rema, Ayra Starr & More Lead a Global Takeover

    September 26, 2025
  • Lifestyle

    How Demon Slayer: Infinity Castle Became a Blockbuster & the Biggest Anime Ever

    October 1, 2025

    Global Citizen Festival 2025: Shakira & Cardi B Lead NYC’s Fusion of Music and Activism

    October 1, 2025

    Tim Burton & Monica Bellucci Split After Two Years Together: A Gothic Romance Ends

    September 30, 2025

    Colin Farrell & Margot Robbie Reveal Regret Over Cut Dance Scene in A Big Bold Beautiful Journey

    September 29, 2025

    Afrobeats Dominates UK Charts: Rema, Ayra Starr & More Lead a Global Takeover

    September 26, 2025
  • Relationships

    How Demon Slayer: Infinity Castle Became a Blockbuster & the Biggest Anime Ever

    October 1, 2025

    Global Citizen Festival 2025: Shakira & Cardi B Lead NYC’s Fusion of Music and Activism

    October 1, 2025

    Tim Burton & Monica Bellucci Split After Two Years Together: A Gothic Romance Ends

    September 30, 2025

    Colin Farrell & Margot Robbie Reveal Regret Over Cut Dance Scene in A Big Bold Beautiful Journey

    September 29, 2025

    Afrobeats Dominates UK Charts: Rema, Ayra Starr & More Lead a Global Takeover

    September 26, 2025
  • Tips & Tricks

    How Demon Slayer: Infinity Castle Became a Blockbuster & the Biggest Anime Ever

    October 1, 2025

    Global Citizen Festival 2025: Shakira & Cardi B Lead NYC’s Fusion of Music and Activism

    October 1, 2025

    Tim Burton & Monica Bellucci Split After Two Years Together: A Gothic Romance Ends

    September 30, 2025

    Colin Farrell & Margot Robbie Reveal Regret Over Cut Dance Scene in A Big Bold Beautiful Journey

    September 29, 2025

    Afrobeats Dominates UK Charts: Rema, Ayra Starr & More Lead a Global Takeover

    September 26, 2025
  • Celebrity Kids

    “Nepo Babies” Rising in Fashion: Privilege, Talent, and the Runway Debate

    September 22, 2025

    Brody Jenner Ties the Knot With Tia Blanco in Dreamy Malibu Ceremony — See the Intimate Moments

    July 17, 2025

    Madison LeCroy Welcomes Baby No. 2 — the Heartwarming Story Behind the Name

    July 9, 2025

    Ariana Zolciak Supports Kim Zolciak and Siblings Amid Ongoing Money Issues

    July 7, 2025

    Sofia Richie and Elliot Grainge Revisit Lavish Wedding Venue Amid Backlash Over Cheating Rumors

    June 24, 2025
Subscribe
GistFestGistFest
Home » Binance CEO Steps Down, Set to Plead Guilty to Federal Charges 
News

Binance CEO Steps Down, Set to Plead Guilty to Federal Charges 

RaveBy RaveNovember 21, 20233 Mins Read
Share Facebook Twitter Pinterest LinkedIn Tumblr Reddit Telegram Email
Share
Facebook Twitter LinkedIn Pinterest Email

Yet another major hurricane has hit the crypto industry. This time, it is Binance, the world’s largest crypto exchange platform, that is in the eye of the storm. 

After dozens of overwhelming charges brought against the company by the Department of Justice, its billionaire CEO and founder, Changpeng Zhao, has just resigned and will plead guilty to several frightening charges bordering on money laundering and even terrorism. 

The Chinese-born businessman announced his decision to step down this evening on his X (formerly Twitter) account. “Today, I stepped down as CEO of Binance,” the post began – an announcement that has sent shockwaves across the crypto community. 

In the statement, Zhao admitted to his role in the saga and disclosed that his decision to resign was in the best interest of the company. “Admittedly, it was not easy to let go emotionally. But I know it is the right thing to do. I made mistakes, and I must take responsibility. This is best for our community, for Binance, and for myself,” he stated. 

Zhao has however disclosed that he will remain a shareholder in the company, which will now be led by Richard Teng, the former head of the exchange’s regional markets. 

Trouble began for the crypto exchange giant and its boss when the Commodities Futures Trading Commission filed a suit against the firm and Mr. Zhao in March. The suit alleged that the company failed to implement anti-money laundering measures to forestall terror financing. 

As a result, the company looked the other way as narcotics traffickers, child abusers, and terror organizations such as Al Qaeda, ISIS, and Hamas made loads of suspicious transactions under its nose. 

The SEC also brought tens of charges against the company and its founder, which include mishandling customer funds and running an illegal securities exchange. 

The SEC accused Binance of acting irresponsibly by commingling customer funds with Binance’s money. In a statement by Gary Gensler, SEC chair, he accused the company of engaging in an “extensive web of deception, conflicts of interest, lack of disclosure, and calculated evasion of the law.” 

To make amends for its sins, Binance will forfeit $2.5 billion to the government and pay a fine of $1.8 billion. Also, according to the plea agreement reached by Zhao with the Department of Justice, the Treasury Department, and the Commodities Futures Trading Commission, he will plead guilty to causing a financial institution to violate the Bank Secrecy Act. The Department of Justice will also convince the court to impose a $50 million fine on Zhao. 

According to Attorney General, Merrick B. Garland, who is proud of the outcome of the case, “Binance became the world’s largest cryptocurrency exchange in part because of the crimes it committed – now it is paying one of the largest corporate penalties in U.S. history.” 

“In just the past month, the Justice Department has successfully prosecuted the CEOs of two of the world’s largest cryptocurrency exchanges in two separate criminal cases. The message here should be clear: using new technology to break the law does not make you a disruptor, it makes you a criminal,” the Attorney General stressed. 

Commenting on the situation, the IRS Chief of Criminal Investigations believes that this case will serve as a deterrent to other crypto exchanges and market players who may be tempted to place growth over compliance. 

Binance Crypto
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
Previous ArticleWhy Has American Life-Expectancy Plummeted to a 30-Year Low?
Next Article 12 Countries with Strict Anti-LGBTQ+ Laws

Related Posts

Entertainment

Global Citizen Festival 2025: Shakira & Cardi B Lead NYC’s Fusion of Music and Activism

October 1, 2025
Lifestyle

Tim Burton & Monica Bellucci Split After Two Years Together: A Gothic Romance Ends

September 30, 2025
Food and Drink

Hilda Baci Breaks Guinness World Record with Largest Jollof Rice Dish Ever Cooked

September 25, 2025
Latest Posts

How Demon Slayer: Infinity Castle Became a Blockbuster & the Biggest Anime Ever

October 1, 2025

Global Citizen Festival 2025: Shakira & Cardi B Lead NYC’s Fusion of Music and Activism

October 1, 2025

Tim Burton & Monica Bellucci Split After Two Years Together: A Gothic Romance Ends

September 30, 2025

Colin Farrell & Margot Robbie Reveal Regret Over Cut Dance Scene in A Big Bold Beautiful Journey

September 29, 2025

Afrobeats Dominates UK Charts: Rema, Ayra Starr & More Lead a Global Takeover

September 26, 2025

Hilda Baci Breaks Guinness World Record with Largest Jollof Rice Dish Ever Cooked

September 25, 2025

Amy Poehler Calls Out the Oscars: Why Comedy Keeps Getting Snubbed

September 24, 2025

New Korean Dramas This September: “Queen Mantis,” “You and Everything Else,” “Ms. Incognito” & More Take Center Stage

September 23, 2025
About
About

We’re a news, entertainment and lifestyle hub that is dedicated to giving you quality insight on the latest lifestyle news, movie and TV news, celebrity news and lots more.

Contact us: info@gistfest.com

MOST POPULAR

Alina Nikitina: Everything We Know About the Russian Model

October 4, 2023

Jacob’s Ladder Piercing: All You Need To Know

July 21, 2023

Jennifer Rauchet: Inside the Life of Pete Hegseth’s Wife

August 30, 2023

Subscribe to Updates

Get the latest news delivered straight to your inbox!

Facebook X (Twitter) Instagram
  • Disclaimer
  • About us
  • Privacy Policy
  • Contribute & Advertise with Us
© 2025 GistFest. All Rights Reserved.

Type above and press Enter to search. Press Esc to cancel.