Binance founder Changpeng “CZ” Zhao has agreed to step down as CEO of the crypto trade because the U.S. Division of Justice (DOJ) prepares to announce that it is secured a $4.3 billion settlement with the corporate.
In response to The Wall Avenue Journal, CZ intends to plead responsible to a number of costs levied by the DOJ. He is scheduled to seem in a federal court docket in Seattle Tuesday afternoon, the place he’ll enter his plea, the Journal stated. The report additionally signifies that he’ll plead responsible to “one felony cost.”
Though the deal would enable CZ to retain his majority stake in Binance, he will not be allowed to carry an govt place on the firm.
The Wall Avenue Journal additionally experiences that this plea deal will not impact pending litigation with the U.S. Securities and Trade Fee (SEC) because it doesn’t embrace a settlement for the case introduced in opposition to Binance by the fee in June.
This can be a growing story, and additional data will likely be added because it turns into obtainable.
