Changpeng Zhao is allegedly planning to plead guilty to breaking US anti-money laundering regulations and resign as CEO of the Binance cryptocurrency exchange.

Binance founder Changpeng “CZ” Zhao has allegedly decided to resign as CEO of his cryptocurrency exchange as the US Department of Justice (DOJ) prepares to announce a $4.3 billion settlement with the business.

The Jury

According to The Wall Street Journal, CZ expects to enter a guilty plea to the DOJ’s accusations. According to the Journal, he is expected to appear in federal court in Seattle on Nov. 21, when he will make his plea. According to the story, he would also plead guilty to “a criminal charge” of breaking anti-money laundering laws.

Although the agreement allows CZ to keep his majority interest in Binance, indicating that he is unlikely to serve jail time as part of the plea bargain, he will be barred from holding an executive position at the firm.

According to the Wall Street Journal, this plea agreement will not influence existing litigation with the US Securities and Exchange Commission because it does not involve a settlement for the complaint it filed against Binance in June.

The DOJ deal, on the other hand, will conclude the company’s difficulties with the Commodity Futures Trading Commission, as the estimated $4.3 billion settlement includes cash that will be used in the CFTC’s case as well as outstanding claims against the corporation from the US Treasury Department.

As word of CZ’s plea deal spreads, crypto social media has surged with activity.

Conclusion

Martin Shkreli, the former pharmaceutical magnate and media-dubbed ‘Pharma Bro’ who served four years of a seven-year sentence on fraud charges, chimed in, reportedly joking that he’d ‘put in a good word’ for CZ, but the former Binance CEO is unlikely to face jail time as part of his plea agreement.