The CEO of Binance resigns amid fraud allegations and faces a staggering $4.1 billion record fine.

Changpeng Zhao, the CEO of Binance, the world’s largest peer-to-peer crypto company, is resigning from the company he established as part of a settlement with the US Department of Justice. He has pleaded guilty to breaching anti-money laundering regulations, resulting in the company being fined $4.1 billion.

Zhao disclosed this decision on Tuesday evening through a statement. The former CEO conveyed that although parting ways was emotionally challenging, it was a necessary and justifiable step to take.

Today, I stepped down as CEO of Binance. 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. This is best for our community, for Binance, and for myself.

Binance is no longer a baby. It is…

— CZ 🔶 BNB (@cz_binance) November 21, 2023