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

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

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.

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.

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 […]

recent research

Nillion_DeSci_Report_Template.png

Research

Nillion’s Monad Integration is poised to catalyze the next phase of DeSci’s evolution by eliminating key privacy bottlenecks. This synergy allows researchers, institutions, and DAOs to exchange sensitive data and insights securely while managing governance and payments onchain.

article-image

Celebrating the wisdom of a diamond-handed Bitcoin Legend

article-image

With the success of RWAs and stablecoins, DePINs could onboard the next wave of crypto users

article-image

Is crypto straying too far from things of value?

article-image

Firedancer and Solana ETFs look less significant than before

article-image

The newly passed House bill amplifies that strategic pivot for the Trump administration, from attempting austerity to running the economy hot

article-image

Unable to secure further funding, the game cycled through three different blockchains and at least five different game engines since 2018