This is Why Binance CEO CZ Resigned
Binance CEO Changpeng Zhao has stepped down as part of a $4 billion deal with the US Department of Justice and CFTC
Despite stepping down, Changpeng Zhao will remain the majority shareholder of Binance
The $4 billion deal requires Binance to pay the DOJ and CFTC, covering civil settlement claims
Additionally, the SEC has filed a case against Binance for operating as an unregistered exchange and other charges related to crypto derivatives
Since 2018, Binance has been under investigation for charges including money laundering, conspiracy, and sanctions violations
The recent developments further complicate the regulatory challenges faced by the exchange.