Amidst an ongoing settlement process between the US Department of Justice (DoJ) and Binance, CEO Changpeng Zhao (CZ) has resigned. CZ’s resignation comes as a shock to many, given his instrumental role in establishing Binance as the world’s largest crypto exchange. Binance agreed to pay a settlement of $4.3 billion after failing to adhere to anti-money laundering (AML) regulations and violating sanctions law. In accordance with terms of the settlement, Binance must appoint an independent compliance monitor for three years to oversee its AML and KYC compliance efforts. Amidst this upheaval, Binance has named Richard Teng, its Global Head of Regional Markets, the new CEO.

Source: Forbes November 23, 2023 18:36 UTC