Binance CEO Pleads Guilty in Historic Money Laundering Case, Faces $4B in Penalties

News Snapshot:

Changpeng Zhao, the chief executive of the world’s largest cryptocurrency exchange, Binance, pleaded guilty on Tuesday to US money laundering violations. In a plea deal, the crypto exchange behemoth that Zhao founded will pay over USD 4 billion in penalties. “Binance became the world’s largest cryptocurrency exchange in part because of the crimes it committed –- now it is paying one of the largest corporate penalties in US history,” Attorney General Merrick Garland said in a statement. Binance’s guilty plea is part of coordinated action including with the Treasury Department’s Financial Crimes Enforcement Network and Office of Foreign Assets Control...