Binance CEO Changpeng Zhao, the leader of the world's largest cryptocurrency exchange, is set to resign and plead guilty to charges of breaching U.S. anti-money laundering laws, according to a report by the Wall Street Journal.
This move is part of a historic agreement aimed at preserving the cryptocurrency behemoth.
Zhao is expected to formally enter his plea at a federal court in Seattle.
Binance will acknowledge its criminal misconduct and agree to pay a staggering $4.3 billion in fines. This sum encompasses penalties to resolve both criminal and civil claims brought forward by regulatory bodies.
The aforementioned settlement sum is unprecedented in the financial sector.
U.S. Attorney General Merrick Garland is expected to announce the damning charges publicly later today during a press conference, which will focus on the results of the blockbuster investigation into Binance's activities that has been conducted by the U.S. Department of Justice.
Zhao, commonly known as "CZ," founded Binance in 2017. It quickly became the largest cryptocurrency exchange.
CZ's spectacular downfall is not unprecedented. Sam Bankman-Fried, the former CEO of the FTX exchange, is currently facing more than a century in prison after he was convicted on seven charges related to the implosion of his crypto empire.