Changpeng Zhao will also pay $50 million. A total of about $4.3 billion is owed to Binance. Binance is the largest trading platform where cryptocurrencies like Bitcoin and others are traded.
Zhao wrote on the online platform X (formerly Twitter) that he no longer sees himself as the head of a startup in the future. Richard Teng, who was previously in charge of local markets, will take over as president at Binance.
After years of investigation, the US judicial system accused Binance and Zhao of actively circumventing money laundering and sanctions laws. This made it possible to pay questionable amounts amounting to millions. According to the prosecution allegations, Zhao instructed Binance employees, among other things, to communicate with American customers by phone so as not to leave any traces.
A year ago, Binance’s main competitor, FTX, collapsed, and a few weeks ago, FTX’s founder, Sam Bankman-Fried, was found guilty of fraud by a jury in a sensational trial in New York. American investigators were able to convince them that Bankman Fried secretly transferred clients’ money into business for his hedge fund.
Zhao stressed that the US authorities are not accusing Binance of embezzling customer funds or manipulating the markets.
“Alcohol buff. Troublemaker. Introvert. Student. Social media lover. Web ninja. Bacon fan. Reader.”
More Stories
Current data on German foreign trade
“There’s still enough fuel in the tank.”
The UK is at risk of recession after the economy contracted