Binance, the world’s largest cryptocurrency platform, has been on the agenda lately with its experiences with the US government. The exchange, which has been monitored by the U.S. Department of Justice for years, faced allegations in the case that included unlicensed money transfers, money laundering and violating U.S. sanctions laws. Central to the allegations CZ also called CEO Changpeng Zhao There was.

Today, a report from Bloomberg revealed that the parties have reached an agreement and that Binance will pay more than $4 billion to the US to end the matter. Now the news has hit the cryptocurrency world like a bombshell.

Changpeng Zhao must admit allegations and resign as CEO

According to information obtained by Forbes and Wall Street Journal from sources close to the case, CZ will be transferred to Binance under the $4.3 billion deal struck to end the case. Resigning as CEO he accepted. Moreover, Zhao said: “violating anti-money laundering lawsIt was learned that he will also accept the charges.

Although, according to the Wall Street Journal, Zhao is no longer the boss of Binance will be able to retain majority shares in the company. It is also among the information that the crypto billionaire will present his defense today in the US court in Seattle, and that his sentence will be pronounced at a later date.

There is also no information on who will replace Zhao. However, according to allegations, it is the head of Binance’s regional markets department Richard Tengthe best candidate for CEO.

The US Department of Justice is expected to make a statement tonight on the $4.3 billion deal. We’ll find out all the details when official statements are made.