Binance's CEO CZ Resigns, Agreeing to a $ 4 Billion Deal with the DOJ

Today, Binance CEO Changpeng Zhao, or "CZ," will resign and admit to U.S. anti-money laundering breaches, incurring a $ 4.3 billion fine for the company. Zhao, set to plead guilty in a Seattle court, faces DOJ scrutiny. Binance, the world's largest crypto exchange since its 2017 launch, didn't comment on the allegations.

This follows an SEC charge against Kraken, another major exchange, for illegal securities dealings. In February, Kraken settled a previous SEC case for $ 30 million. Binance's troubles started five months ago when the SEC accused Zhao and the exchange of misleading regulators, adding to charges by the U.S. Commodity Futures and Trading Commission for regulatory violations.

These developments highlight a tumultuous year for Binance, including its failed $ 1.3 billion acquisition of Voyager Digital's assets due to regulatory challenges.