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Binance founder Changpeng “CZ” Zhao has agreed to step down as CEO of the crypto exchange as the U.S. Department of Justice (DOJ) prepares to announce that it’s secured a $4.3 billion settlement with the company.
According to The Wall Street Journal, CZ intends to plead guilty to several charges levied by the DOJ. He’s scheduled to appear in a federal court in Seattle Tuesday afternoon, where he will enter his plea, the Journal said. The report also indicates that he will plead guilty to “one criminal charge.”
Although the deal would allow CZ to retain his majority stake in Binance, he won’t be allowed to hold an executive position at the company.
The Wall Street Journal also reports that this plea deal won’t effect pending litigation with the U.S. Securities and Exchange Commission (SEC) as it does not include a settlement for the case brought against Binance by the commission in June.
This is a developing story, and further information will be added as it becomes available.
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