Binance CEO Changpeng Zhao to step down: WSJ

The Binance executive is also reportedly set to make an appearance in a Seattle courtroom Tuesday

article-image

Binance co-founder Changpeng Zhao | Ben McShane/Web Summit via Sportsfile/"BE6_1591″ (CC license)

share

Binance CEO Changpeng Zhao reportedly plans to step down, according to the Wall Street Journal.

In addition to leaving his post as the world’s largest crypto exchange’s CEO, Zhao also reportedly intends to plead guilty to anti-money laundering violations as part of a multi-billion dollar settlement with US regulators.

The report says that Zhao plans to enter the guilty plea in a Seattle court Tuesday afternoon. The news comes after the Department of Justice announced a press conference at 3 pm on Tuesday, 

The DOJ itself has not confirmed that the press conference is about Binance specifically, but the media advisory said that it will be about “significant” crypto enforcement actions, saying that the actions would be “separate but related.” 

Attorney General Merrick Garland, Treasury Secretary Janet Yellen, CFTC chair Rostin Behnam and Deputy Attorney General Lisa Monaco are slated to appear.

On Tuesday, Blockworks reported that sources familiar said Binance will pay a fine between $4 billion and $5 billion. The fine, and other enforcement actions, will allow Binance to keep operating, therefore preventing another FTX-like collapse. 

The deal expected to be announced this afternoon could also give law enforcement access to the exchange’s data.

Lawmakers pushed the DOJ to make a decision on charging Binance last month.

Though the Securities and Exchange Commission is notably absent from the lineup set to appear at today’s press conference, the SEC does currently have an open case against Binance for offering unregistered securities and allegedly commingling customer funds. Binance has denied the commingling allegations.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Upcoming Events

Brooklyn, NY

SUN - MON, JUN. 22 - 23, 2025

Blockworks and Cracked Labs are teaming up for the third installment of the Permissionless Hackathon, happening June 22–23, 2025 in Brooklyn, NY. This is a 36-hour IRL builder sprint where developers, designers, and creatives ship real projects solving real problems across […]

Industry City | Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Research

article-image

The stablecoin issuer now plans to offer 32 million Class A common stock shares at a price of up to $28 each

article-image

Let’s go whale watching, Bitcoin style: Investigating the mysterious “12ib7” wallet now worth $3.2 billion

article-image

Bitget’s L2 is undergoing a leadership change and will be helmed by Colin Goltra, formerly the blockchain’s chief growth officer

article-image

The funding was spread out across 61 rounds, a slight dip in both number of rounds and total funding in comparison to other months

article-image

Why is it controversial to say things are better than they used to be?

article-image

Wallchain could make influencer ROI more measurable for Solana businesses