Changpeng Zhao, the CEO of Binance Holdings, entered a plea of guilty to charges of money laundering and agreed to pay a $50 million fine on Tuesday as part of a comprehensive agreement hammered out with the US Justice Department to keep the business afloat.
According to people familiar with the situation, Zhao consented to resign as part of the settlement, which also involved the Treasury Department and the Commodity Futures Trading Commission.
A $4.3 billion fine and a guilty plea to criminal charges were agreed upon by Binance, according to sources familiar with the situation. The transaction closes a multi-year inquiry into the Bitcoin exchange.
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