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Fortune

Leo Schwartz

Justice Department charges Binance, CZ

Binance Justice Department United States Changpeng Zhao the Wall Street Journal the Justice Department

(Credit: Zed Jameson—Getty Images)

In the latest blow to the embattled crypto industry, the Justice Department charged the major cryptocurrency exchange Binance and its top executive with violating U.S. money-laundering laws and violating U.S. economic sanctions in the U.S. District Court for the Western District of Washington.

Binance founder and CEO Changpeng "CZ" Zhao stepped down and pleaded guilty to charges in a federal court in Seattle on Tuesday. The company also has agreed to pay $4.3 billion in fines.

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