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David Gura

CZ, founder of crypto giant Binance, pleads guilty to money laundering violations

Binance CZ Crypto Changpeng Zhao United States the Department of Justice Gary Gensler Janet Yellen SEC Cryptocurrency

Changpeng Zhao, widely known as CZ, will step down from Binance, the crypto company he founded in 2017, as part of a deal with the Department of Justice and U.S. regulators. (Patricia De Melo Moreira/AFP via Getty Images)

The founder and CEO of Binance, Changpeng Zhao, agreed to plead guilty to money laundering violations and to step down from the world's largest crypto exchange as part of a sweeping settlement with U.S. law enforcement and financial regulators.

CZ, as he's widely known, will also pay a $50 million fine, while Binance will pay $4.3 billion in fines as part of the deal. The settlement will allow Binance to continue operating.

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