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.

recent research

Research Report Templates (3).png

Research

Pear Protocol has proven its market fit through its pair-trading infrastructure, sustaining consistent trading activity despite recent headwinds. Its strategic pivot toward Hyperliquid integration represents a major growth catalyst amid industry consolidation. While short-term token unlocks present challenges, current valuations and liquidity conditions may offer compelling opportunities for investors.

article-image

After a jittery few months, recent economic data is hinting at a resilient economy that is beginning to re-accelerate

article-image

The stablecoin bill now heads to the president’s desk

article-image

The House on Thursday passed the CLARITY Act, a landmark cryptocurrency market structure bill

article-image

Interchain Labs will focus on sovereign L1s and institutional demand, abandoning plans for smart contracts on the Cosmos Hub

article-image

Also, only three tokens have outperformed bitcoin so far this year: XMR, HYPE and SKY

article-image

The fund group has submitted proposals in recent months for other funds that would hold litecoin, solana, XRP, HBAR, Sui and others