The CEO of one of the world’s largest cryptocurrency exchanges — Binance will resign from his CEO position and retain most of his shares in the company. The company will also pay the $4.3 billion in money laundering, bank fraud, and sanctions charges they now face.
The charges follow investigations from agencies such as the CFTC, IRS, and DOJ. The CEO — Changpeng Zhao (commonly referred to as CZ) may not be extradited to the U.S. due to the lack of an extradition agreement between them and the country he resides in (United Arab Emirates). However, he may voluntarily travel to the U.S to face the charges. The settlement could come by the end of November.