{"id":87343,"date":"2023-11-21T23:38:51","date_gmt":"2023-11-21T21:38:51","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=87343"},"modified":"2025-09-13T11:12:07","modified_gmt":"2025-09-13T08:12:07","slug":"changpeng-zhao-to-pay-50-million-under-u-s-doj-settlement","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/changpeng-zhao-to-pay-50-million-under-u-s-doj-settlement\/","title":{"rendered":"Changpeng Zhao to pay $50 million under U.S. DOJ settlement"},"content":{"rendered":"<p>Binance will pay $1.81 billion over 15 months, and $2.51 billion as part of the settlement with the U.S. Department of Justice. Meanwhile, the exchange\u2019s chief Changpeng Zhao (CZ) will personally pay $50 million. Reuters reports.<\/p>\n<p><!--more--><\/p>\n<p>The agreement with U.S. authorities bars CZ from any involvement in the operations of the world\u2019s largest cryptocurrency exchange.<\/p>\n<p>Charges were also brought against Binance\u2019s former chief compliance officer Samuel Lim, Reuters sources familiar with the matter said.<\/p>\n<p>Meanwhile, Binance\u2019s former regional markets head Richard Teng posted a message about his appointment as the company\u2019s CEO.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">It is an honour and with the deepest humility that I step into the role of Binance\u2019s new CEO.<\/p>\n<p>We operate the world&#8217;s largest cryptocurrency exchange by volume. The trust placed on us by our 150m users and thousands of employees is a responsibility that I take seriously and hold\u2026<\/p>\n<p>\u2014 Richard Teng (@_RichardTeng) <a href=\"https:\/\/twitter.com\/_RichardTeng\/status\/1727066202047164562?ref_src=twsrc%5Etfw\">November 21, 2023<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\n<cite>\u00abThanks to CZ\u2019s support and our leadership, I accepted this role so that we can continue to justify and exceed stakeholders\u2019 expectations, while simultaneously achieving our core mission \u2014 the freedom of money,\u00bb the senior executive wrote.<br \/><\/cite><\/p><\/blockquote>\n<p>He stressed that \u00abthe foundation on which Binance stands today is stronger than ever\u00bb.<\/p>\n<p>Against the backdrop, BNB has shown considerable volatility. In the last 24 hours the coin\u2019s price has fallen by more than 6%.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"432\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/BNB-10-1024x432.png\" alt=\"BNB-10\" class=\"wp-image-220557\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/BNB-10-1024x432.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/BNB-10-300x126.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/BNB-10-768x324.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/BNB-10.png 1046w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Intraday chart of BNB\/USDT. Data: <a href=\"https:\/\/www.tradingview.com\/x\/MITreDFa\">TradingView<\/a>.<\/figcaption><\/figure>\n<p>On June 5, <span data-descr=\"U.S. Securities and Exchange Commission\" class=\"old_tooltip\">SEC<\/span> <a href=\"https:\/\/u1f987.com\/en\/news\/sec-files-suit-against-binance-and-changpeng-zhao\">filed a lawsuit<\/a> against Binance and Zhao, accusing them of 13 counts, including the sale of unregistered securities. On June 6, the regulator <a href=\"https:\/\/u1f987.com\/en\/news\/sec-seeks-to-freeze-assets-held-by-binance-us\">filed a motion<\/a> to freeze the U.S. unit\u2019s digital assets.<\/p>\n<p>On June 9, users <a href=\"https:\/\/u1f987.com\/en\/news\/binance-us-to-suspend-usd-deposits\">lost the ability to deposit dollars<\/a>, which spurred selling from those seeking to withdraw funds in fiat. Against this backdrop, the platform <a href=\"https:\/\/u1f987.com\/en\/news\/bitcoin-trades-at-a-discount-on-binance-us\">looked at a discount<\/a> in Bitcoin quotes against the dollar\u2014the price reached about $2,200 (7.3%).<\/p>\n<p>On June 17, the SEC and Binance <a href=\"https:\/\/u1f987.com\/en\/news\/sec-and-binance-strike-deal-over-customer-assets-in-the-united-states\">reached a settlement<\/a> regarding customer funds in the U.S. The exchange <a href=\"https:\/\/u1f987.com\/en\/news\/binance-us-unfreezes-withdrawals-for-the-near-future\">resumed<\/a> withdrawals of assets, but warned that the situation could change.<\/p>\n<p>Earlier reports indicated that <a href=\"https:\/\/u1f987.com\/en\/news\/us-doj-seeks-4-billion-from-binance-to-end-investigations\">the U.S. Department of Justice sought $4 billion from Binance<\/a> as part of a deal that would end the ongoing criminal investigation.<\/p>\n<p>According to Bloomberg sources, talks between the parties include the possibility that the head of the trading platform Changpeng Zhao will face charges of money laundering, financial fraud, and sanctions violations.<\/p>\n<p>Later, the WSJ <a href=\"https:\/\/www.wsj.com\/finance\/currencies\/binance-ceo-changpeng-zhao-step-down-plead-guilty-01f72a40?mod=followamazon\">reported<\/a> that CZ agreed to step down, pleading guilty to the violations alleged by U.S. authorities. The exchange, meanwhile, agreed to pay penalties totaling $4.3 billion.<\/p>\n<p>The deal reportedly envisions Binance continuing operations with Zhao retaining a controlling stake.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Binance will pay $1.81 billion over 15 months, and $2.51 billion as part of the settlement with the U.S. Department of Justice. Meanwhile, the exchange\u2019s head Changpeng Zhao (CZ) will personally pay $50 million.<\/p>\n","protected":false},"author":1,"featured_media":87344,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[744,935,1162,26],"class_list":["post-87343","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-binance","tag-changpeng-zhao","tag-court-cases","tag-usa"],"aioseo_notices":[],"amp_enabled":true,"views":"30","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/87343","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=87343"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/87343\/revisions"}],"predecessor-version":[{"id":87345,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/87343\/revisions\/87345"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/87344"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=87343"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=87343"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=87343"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}