In a major development, Binance CEO Changpeng Zhao steps down following a groundbreaking $4 billion settlement with U.S. regulatory authorities, including the Department of Justice (DOJ). The settlement addresses extensive investigations into anti-money laundering and sanctions violations. Zhao will remain a majority shareholder, providing consultation on historical aspects. The Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) and Office of Foreign Assets Control (OFAC) are key players in this unprecedented settlement. Richard Teng, a former Abu Dhabi regulator, is set to succeed Zhao, emphasizing Binance's commitment to compliance amidst heightened scrutiny. Stay updated on this evolving story.
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