WSJ News Exclusive | Binance Founder Changpeng Zhao Agrees to Step Down, Plead Guilty - The Wall Street Journal

Binance skirted regulation to become the world’s largest cryptocurrency exchange by trading volume. Now, the company will plead guilty to a criminal charge in the U.S. and agree to pay $4.3 billion in fines. Here’s how the same strategy behind the company’s rise brought it crashing down. Photo: Reuters

The chief executive of Binance, the largest global cryptocurrency exchange, plans to step down and plead guilty to violating criminal U.S. anti-money-laundering requirements, in a deal that may preserve the company’s ability to continue operating, according to people familiar with the matter.

Changpeng Zhao is scheduled to appear in Seattle federal court Tuesday afternoon and enter his plea, the people said. Binance, which Zhao owns, will also plead guilty to a criminal charge and agree to pay fines totaling $4.3 billion, which includes amounts to settle civil allegations made by regulators, the people said.