The founder of Binance will resign, the cryptocurrency will pay $ 4.3 billion in the money laundering case - The Wall Street Journal

The founder of the largest cryptocurrency exchange of Binance, Chanpen Zhao, will leave the post of general director of the company and finds guilty of violating the requirements of American legislation to combat money laundering. This is reported by The Wall Street Journal sources.

It is expected that the businessman will announce this, presenting to the federal court of Seattle. Binance will also conclude a pre -trial agreement with the US Department of Justice, according to which cryptocurrencies undertakes to pay fines totaling $ 4.3 billion. This will allow the company to continue working in the American market. Chanpen Zhao, as the New York Times writes , will personally pay a fine of $ 50 million.

The transaction with the investigation will allow Zhao to maintain a control package of Binance shares, although in the future it will not be able to occupy a leading position in the company. WSJ notes that the transaction does not include settlement with the US Securities and Exchange Commission (SEC), which in June 2023 sued Binance on charges of violation of investors' protection laws.

The US Ministry of Justice accused the crypto officer of the absence of a program to detect and prevent financing terrorism and laundering money. Also, the American authorities suspected Binance of helping persons from countries under sanctions to trade on a stock exchange with US citizens.

The Insider previously reported that at the end of September 2023, Binance announced its departure from Russia and the sale of the local business of Commex.