On November 21, 2023, Zhao stepped down as CEO of Binance. He also pleaded guilty to charges brought against him in a U.S. court and agreed to personally pay a $50 million fine. Zhao’s fine is in addition to what has been described as one of the largest settlements ever received by the U.S. from a corporate defendant.
Why did Zhao resign from Binance?
In November 2023, Zhao agreed to resign from Binance and pay a $50 million fine as part of a guilty plea to U.S. federal charges. Binance also agreed to plead guilty, and to pay $4.3 billion in fines. Zhao was replaced as CEO by Richard Teng.
What happened to Binance?
Binance also agreed to plead guilty, and to pay $4.3 billion in fines. Zhao was replaced as CEO by Richard Teng. Zhao pled guilty to violating the American Bank Secrecy Act by prioritizing Binance's growth over compliance with the Financial Crimes Enforcement Network's anti-money laundering requirements.
