CZ Steps Down as Binance CEO, Blast Aiming to Be First Native Yield L2

The U.S. Attorney General Merrick Garland and Treasury Secretary Janet Yellen are set to host a joint conference at 3pm EST to announce “separate but related cryptocurrency enforcement actions.” It is believed they will announce a settlement of the DOJ’s criminal case against Binance. Details of the settlement are already beginning to emerge. Binance founder Changpeng Zhao (CZ) has officially stepped down as CEO and is pleading guilty to anti-money laundering charges. Additionally, Binance is admitting wrongdoing and paying $4.3 billion in fines. The plea deal settles all DOJ charges but does not settle the SEC lawsuit against Binance for violating investor protection laws. CZ will retain majority ownership of the exchange but will not be permitted to hold an executive role. Before details about what the actions would entail, crypto markets were dropping sharply, with Bitcoin reaching the low $36,000s, but following all the headlines BTC (-1.46%) has pared losses, rebounding to $37k. BNB is reacting negatively to the news, falling 5.19% amid the resignation and significant fines.