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

    All You Need To Know About Jeff Bezos and Lauren Sánchez’s Mega Summer Wedding

    May 28, 2025

    T.J. Holmes Sparks Marriage Rumors with Revealing Remark About Amy Robach

    May 27, 2025

    Justin Bieber Tweaks Instagram Post After Revealing Argument Amid Hailey’s Vogue Moment

    May 26, 2025

    Cassie Ventura’s Mom Reportedly Paid Diddy $20K After Threats to Release Private Footage

    May 23, 2025

    Surprise Reunion! Kyle Richards Ends Feuds With Lisa Rinna and Dorit Kemsley

    May 22, 2025
  • Lifestyle

    All You Need To Know About Jeff Bezos and Lauren Sánchez’s Mega Summer Wedding

    May 28, 2025

    T.J. Holmes Sparks Marriage Rumors with Revealing Remark About Amy Robach

    May 27, 2025

    Justin Bieber Tweaks Instagram Post After Revealing Argument Amid Hailey’s Vogue Moment

    May 26, 2025

    Cassie Ventura’s Mom Reportedly Paid Diddy $20K After Threats to Release Private Footage

    May 23, 2025

    Surprise Reunion! Kyle Richards Ends Feuds With Lisa Rinna and Dorit Kemsley

    May 22, 2025
  • Relationships

    All You Need To Know About Jeff Bezos and Lauren Sánchez’s Mega Summer Wedding

    May 28, 2025

    T.J. Holmes Sparks Marriage Rumors with Revealing Remark About Amy Robach

    May 27, 2025

    Justin Bieber Tweaks Instagram Post After Revealing Argument Amid Hailey’s Vogue Moment

    May 26, 2025

    Cassie Ventura’s Mom Reportedly Paid Diddy $20K After Threats to Release Private Footage

    May 23, 2025

    Surprise Reunion! Kyle Richards Ends Feuds With Lisa Rinna and Dorit Kemsley

    May 22, 2025
  • Tips & Tricks

    All You Need To Know About Jeff Bezos and Lauren Sánchez’s Mega Summer Wedding

    May 28, 2025

    T.J. Holmes Sparks Marriage Rumors with Revealing Remark About Amy Robach

    May 27, 2025

    Justin Bieber Tweaks Instagram Post After Revealing Argument Amid Hailey’s Vogue Moment

    May 26, 2025

    Cassie Ventura’s Mom Reportedly Paid Diddy $20K After Threats to Release Private Footage

    May 23, 2025

    Surprise Reunion! Kyle Richards Ends Feuds With Lisa Rinna and Dorit Kemsley

    May 22, 2025
  • Celebrity Kids

    Meryl Streep’s Daughter Louisa Jacobson Shares Her and Partner, Anna Blundell’s Plans for Valentine’s Day

    February 14, 2025

    Brenda Song and Macaulay Culkin’s Son’s Name Revealed

    January 12, 2025

    Travis Barker Daughter, Alabama Barker Hospitalized for Nicotine Withdrawal After Quitting Vaping

    January 2, 2025

    Who Are Madonna’s Children? Everything You Need To Know About Them

    December 10, 2024

    Wynonna Judd’s Daughter Back in Jail After Allegedly Stealing Church Van

    December 4, 2024
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

Cassie Ventura’s Mom Reportedly Paid Diddy $20K After Threats to Release Private Footage

May 23, 2025
News

Mariska Hargitay Uncovers Shocking Family Secret After 30 Years

May 21, 2025
Entertainment

Singer Chris Brown Arrested in the UK for an Alleged Assault Incident From 2023

May 20, 2025
Latest Posts

All You Need To Know About Jeff Bezos and Lauren Sánchez’s Mega Summer Wedding

May 28, 2025

T.J. Holmes Sparks Marriage Rumors with Revealing Remark About Amy Robach

May 27, 2025

Justin Bieber Tweaks Instagram Post After Revealing Argument Amid Hailey’s Vogue Moment

May 26, 2025

Cassie Ventura’s Mom Reportedly Paid Diddy $20K After Threats to Release Private Footage

May 23, 2025

Surprise Reunion! Kyle Richards Ends Feuds With Lisa Rinna and Dorit Kemsley

May 22, 2025

Mariska Hargitay Uncovers Shocking Family Secret After 30 Years

May 21, 2025

Singer Chris Brown Arrested in the UK for an Alleged Assault Incident From 2023

May 20, 2025

Molly-Mae Hague Set to Ink New Deal Following Success of ‘Behind It All’ as She Looks Ahead with Tommy Fury

May 19, 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: [email protected]

MOST POPULAR

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

August 30, 2023

Alina Nikitina: Everything We Know About the Russian Model

October 4, 2023

Amanda Kate Lambert: Meet Nancy Sinatra’s Daughter

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.