Binance's CZ pleads guilty to violating anti-money laundering requirements

Binance founder Changpeng "CZ" Zhao has reportedly agreed to step down as CEO as the U.S. Department of Justice prepares to announce a $4.3 billion settlement with the company, according to The Wall Street Journal. CZ is scheduled to appear in federal court in Seattle on Nov. 21 to plead guilty to a criminal charge related to violating Anti-Money Laundering statutes. The deal would let him keep his majority stake in Binance but bar him from holding an executive position. The Journal also reported that the plea deal does not resolve the SEC lawsuit filed against Binance in June, though the settlement covers the CFTC case and outstanding claims from the U.S. Treasury Department. Neither Binance nor the DOJ responded immediately to requests for comment.