Binance Holdings Ltd. and its CEO Changpeng Zhao have agreed to plead guilty to criminal and civil charges as part of a deal with the Justice Department, according to the Wall Street Journal and Forbes.
Zhao agreed to step down as CEO and pleaded guilty to anti-money laundering violations as part of the agreement involving the Treasury Department and the Commodity Futures Trading Commission, the WSJ says.
The charges come as part of a settlement agreement between the two parties that will allow Binance to continue operating while resolving criminal charges ranging from money laundering and bank fraud to sanctions violations.