Binance founder pleads guilty to violating money laundering rules

Binance chief Changpeng Zhao on Tuesday stepped down and pleaded guilty to breaking US anti-money laundering laws as part of a $4.3 billion settlement resolving a years-long probe into the world's largest crypto exchange, prosecutors said, Report informs via Reuters.

The deal with the Justice Department, part of a large settlement between Binance and other US agencies, resolves criminal charges for conducting an unlicensed money transmitter business, conspiracy and breaching sanctions regulations.

It also leaves Zhao's future uncertain.

"Today, I stepped down as CEO of Binance," Zhao tweeted on Tuesday. "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."

Zhao, known as CZ, will personally pay $50 million and is barred from all involvement with Binance.

US sentencing guidelines call for prison time of 10 to 18 months for the charges he faces. Prosecutors are seeking an 18-month prison sentence, the New York Times reported.