- Crypto exchange Binance has been under scrutiny from US regulators for a while.
- “CZ,” Binance’s founder, will plead guilty, to anti money-laundering violations and will step down, the WSJ reported.
- He tweeted two days ago about Sam Altman’s situation at OpenAI. It seems prophetic now.
Two days ago, Changpeng Zhao — the man who founded crypto exchange Binance and who’s known as “CZ” — tweeted about Sam Altman’s current predicament with a strangely prophetic line:
“Knowing when to let go control of a company you founded is one of the trickiest decisions.”
Investors and founders don’t always align. Don’t let anyone tell you otherwise.
(To be fair, no two person can always be 100% aligned. I am both a founder and investor.)
Knowing when to let go control of a company you founded is one of the trickiest decisions. https://t.co/FcxGg0gFd2
— CZ 🔶 Binance (@cz_binance) November 18, 2023
Perhaps at the time, he had something on his mind more than just the OpenAI troubles.
It’s almost like he was hinting at stepping down.
Now, on Tuesday — just two days after CZ’s post — news broke that he was indeed set to step down as the head of crypto exchange Binance, according to a Wall Street Journal report.
He will also agree to plead guilty to charges of not complying with anti money-laundering regulations in the US. He’ll pay a $50 million criminal fine, the WSJ reported; Binance itself will plead guilty and pay fines of $4.3 billion, the report said.
US regulators have been cracking down on crypto lately, and Binance, one of the largest exchanges and former chief competitor to Sam Bankman-Fried’s FTX, has been under scrutiny.
CZ’s reported deal with the government means if he steps down and the fines are paid, Binance can to continue to operate, the Journal reported.
Read the full article here