Binance CEO Changpeng Zhao has pleaded guilty to federal money laundering charges and is stepping down from his position at the company. The company will pay more than $4 billion in fines, and Zhao personally will pay $50 million. Zhao will also be suspended from Binance for three years.

Binance has been accused of failing to implement an effective anti-money laundering program. According to the U.S. Department of Justice, they intentionally violated economic sanctions “in a deliberate and calculated effort to make a profit in the U.S. market without implementing the controls required by U.S. law.”

Binance has turned a blind eye to its legal obligations in pursuit of profits. And the company’s deliberate actions allowed the money to flow to terrorists, cybercriminals, and child abusers.

In a statement, Zhao confirmed that he is stepping down as CEO, and the company’s former head of regional markets, Richard Teng, will take over.

“Today I stepped down as CEO of Binance,” Zhao wrote in X. “Admittedly, it wasn’t easy to let go emotionally. But I know it’s the right thing to do. I’ve made mistakes, and I have to take responsibility. It’s best for our community, for Binance, and for myself.”

Binance will continue to operate, albeit under stricter rules. It will need to fight money laundering.

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