Investing.com– The price of Bitcoin fell sharply on Wednesday after Changpeng “CZ” Zhao, CEO of Binance, resigned from the world’s largest crypto exchange and pleaded guilty to several criminal charges from the Department of Justice.
This saw , Binance’s native token, slump nearly 11%, with Binance now facing an over $4 billion fine for breaking several U.S. anti-money laundering laws and skirting financial regulations.
fell nearly 5% to $35,714- erasing a bulk of its gains made over the past two weeks, while world no. 2 crypto sank 4.5%.
CZ pleaded guilty in a Seattle court on Tuesday, and announced his resignation on social media platform X. Richard Teng, former head of Abu Dhabi’s financial authority and currently the head of Binance’s regional markets, will take his place as CEO.
CZ is now barred from any involvement in Binance, faces a personal $50 million fine and could potentially face prison time.
His resignation, along with Binance’s settlement, ends a years-long probe into the world’s largest crypto exchange over its alleged fostering of money laundering activities, particularly for entities under U.S. sanctions. The DOJ, along with…
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