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Binance CEO CZ to Plead Guilty to Anti-Money Laundering Violations

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Binance founder Changpeng "CZ" Zhao is reportedly planning to plead guilty to violating U.S. Anti-Money Laundering requirements and step down as the CEO of the cryptocurrency exchange. The United States Department of Justice (DOJ) is expected to announce a $4.3 billion settlement with Binance. CZ is scheduled to enter his plea on Nov. 21 and, although the settlement allows him to retain his majority stake, he will not be allowed to hold an executive position at the company. The plea deal does not affect the pending litigation with the U.S. Securities and Exchange Commission but resolves issues with the Commodity Futures Trading Commission.