According to Forbes, the founder of the Binance cryptocurrency exchange, Changpeng Zhao, has agreed to step down from his position and is currently negotiating with his team.

He has admitted to violating US laws that prohibit money laundering and fraud, and will pay a $50 million fine as part of a deal with the US authorities.

In the future, he has also promised to completely remove himself from the Binance business to maintain the exchange’s functionality.

Additionally, Binance will pay a $4 billion fine under an agreement with the Department of Justice in order to stop a long-term investigation into the company’s activities.

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