Investors have reported little change in the trading experience, and some say the settlement provides certainty amid continued regulatory scrutiny. Zhao’s wealth is expected to grow as Binance’s business accelerates amid the latest cryptocurrency bull run.
The most obvious change is that Zhao has recused himself from his role as the company’s public face. U.S. regulators accused the company of allowing transactions with clients from sanctioned jurisdictions.
The entrepreneur admitted guilt and agreed with the U.S. Department of Justice. Binance agreed to pay fines totaling $4.3 billion to settle the authorities’ claims, and Zhao will personally pay $50 million.
The U.S. Department of Justice has requested 36 months in prison for the former head of the Binance cryptocurrency exchange, Changpeng Zhao.
