"The idea that a five-year-old start-up could mature and operate at the same level as a financial institution that has been around for 200 years was once impossible to fathom," Zhao wrote in January in a review of the previous year. Even this year, Zhao felt a major goal was within reach. The 46-year-old CEO did not waver in his belief as he built up his crypto exchange. "We want to take over the entire market!" he told staff in a company chat group that year. LOFTY AMBITIONSĪfter launching Binance in Shanghai in 2017, Zhao dreamed big. Zhao and his lawyers did not return calls seeking comment. Prosecutors are seeking an 18-month prison sentence, the New York Times reported. US sentencing guidelines call for prison time of 10 to 18 months for the charges he faces. Zhao, known as CZ, will personally pay US$50 million and is barred from all involvement with Binance. I made mistakes, and I must take responsibility." ![]() ![]() "Admittedly, it was not easy to let go emotionally. "Today, I stepped down as CEO of Binance," Zhao tweeted. The deal with the Justice Department, part of a large settlement between Binance and other US agencies, resolves criminal charges for conducting an unlicensed money transmitter business, conspiracy and breaching sanctions regulations. ![]() LONDON: The most powerful man in crypto has lost his crown - and could see his freedom curtailed as well.īinance chief Zhao Changpeng on Tuesday (Nov 21) stepped down and pleaded guilty to breaking US anti-money laundering laws as part of a US$4.3 billion settlement resolving a years-long probe into the world's largest crypto exchange, prosecutors said.
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