Binance guilty of money laundering, agrees to pay $4.3 billion fine, CEO also resigns

Binance is in a world of trouble right now, with Binance founder Changpeng Zhao pleading guilty to money laundering and agreeing to resign from the company.

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Not only that, but Zhao will pay a $50 million fine and will be barred from any involvement in the Binance business. As for Binance, the company pleaded guilty, accenting the appointment of a monitor and a criminal fine of close to $1.81 billion, and a $2.51 billion order of forfeiture to settle not one but three criminal charges.

The US Justice Department charged Binance, which is the world's largest cryptocurrency exchange, with conducting an unlicensed money transmitting business, a conspiracy charge, and violating the International Emergency Economic Powers Act.

Zhao explained in a tweet: "Today, I stepped down as CEO of Binance. Admittedly, it was not easy to let go emotionally. But I know it is the right thing to do. I made mistakes, and I must take responsibility. This is best for our community, for Binance, and for myself... I can't see myself being a CEO driving a startup again".

Garland said that Zhao had "willfully violated federal law that guards against money laundering and terrorist financing". The Binance chief, he said, had entered a guilty plea in person on Tuesday in Seattle. From the very beginning, Zhao and other Binance executives had engaged in a deliberate and calculated effort to profit from the US market without implementing the controls that are required by US law," Garland said. The US attorney general identified millions in transactions from the US to Iranian users, users in Syria and Russian-occupied Ukraine, and terrorist groups including Isis".

He added: "Binance willfully enabled hundreds of millions of dollars in transactions between American users and users subject to US sanctions. Its platform accommodated criminals across the world who used Binance to move stolen funds and other criminal proceeds".

OpenAI over the weekend, Binance now, SBF not too long ago... I mean... wow.