WSJ Reports: Binance CEO CZ to Resign Ahead of $4.3 Billion Settlement with DOJSummaryBinance CEO Changpeng Zhao (CZ) has decided to resign ahead of the Department of Justice’s (DOJ) announcement that it had settled with the cryptocurrency exchange for $4.3 billion, according to the WSJ. As part of the plea agreement, CZ would be able to keep his majority share in Binance, but he won’t be able to serve as an executive. The settlement will allow CZ to keep his majority share in Binance, but he will not be able to serve as an executive. ConclusionThe resignation of Binance CEO CZ ahead of the DOJ’s $4.3 billion settlement announcement indicates the seriousness of the charges brought against the cryptocurrency exchange. While CZ will be able to retain his majority share in Binance, he will have to step down as an executive.

Source: Wall Street Journal November 22, 2023 10:19 UTC