Changpeng Zhao

Changpeng Zhao, known as "CZ," was the founder and CEO of Binance, the world's largest cryptocurrency exchange. He pleaded guilty on November 21, 2023 in the Western District of Washington to one count of violating the Bank Secrecy Act by willfully causing Binance to fail to implement an effective anti-money laundering (AML) program. Prosecutors alleged that Zhao deliberately allowed Binance to operate without the legally required controls in order to maximize growth and profit from the US market — knowingly permitting transactions that facilitated child sexual abuse material payments, illegal drug trafficking, and terrorism financing, including by groups sanctioned by the US government. The broader resolution included Binance pleading guilty to additional charges and agreeing to pay $4.3 billion in penalties — one of the largest corporate criminal settlements in US history. Zhao simultaneously stepped down as Binance CEO and personally agreed to pay a $50 million fine. Prosecutors had sought a three-year prison sentence, arguing his conduct was deliberate and the scale of harm substantial.