Changpeng Zhao, the CEO of Binance, has resigned from his position after admitting to violating money laundering laws. In a statement posted on X, he took responsibility for his mistakes and stated that stepping down was the best decision for the Binance community and himself. The US Justice Department has imposed a $4.3bn (£3.4bn) penalty and forfeiture on Binance, the world’s largest cryptocurrency exchange, for helping users evade sanctions. The exchange enabled transactions worth nearly $900 million between US and Iranian users, as well as facilitating millions of dollars in transactions between US users and those in Syria, Crimea, Donetsk, and Luhansk. The Justice Department also accused Binance of making it easy for criminals and terrorists to move money. As part of the settlement, Binance must now report suspicious activity to federal authorities. Richard Teng has been named the new CEO, replacing Changpeng Zhao, who is one of the most influential figures in the crypto industry
