Binance Founder and CEO pleads guilty, steps down from company. Who is Changpeng Zhao?

livemint.com:

Binance, the world's largest cryptocurrency exchange Changpeng Zhao, or CZ, as he is fondly known by crypto enthusiasts, has stepped down from his role after pleading guilty to breaking US anti-money laundering laws, as per a Reuters report. Also Read: What is Binance’s connection with terrorist groups like Hamas, Al Qaeda, ISIS, and Palestinian Islamic Jihad? Explained Zhao agreed to a $4.3 billion settlement deal in a Seattle court on November 21, including a personal payout of $50 million, to resolve the matter, the news agency said quoting prosecutors in the case. They added this is among the largest corporate penalties in the United States' history.

Binance will pay out $1.81 billion within a timeline of 15 months, followed by another $2.51 billion forfeiture as part of the deal, prosecutors told Reuters. Also Read: 'I made mistakes..,’ CEO Changpeng Zhao resigns after pleading guilty to money laundering violations, terror connections However, while this latest development comes as another big blow for the crypto sector after FTX's Sam Bankman-Fried was convicted of fraud just earlier this month, legal experts told Reuters the deal is "a good outcome" for Zhao personally. It leaves his wealth intact and also allows him to retain his stake in Binance, they noted.

A Canadian citizen, 44-year-old Zhao was born in China's Jiangsu province. His family moved to Vancouver when Zhao was 12 after his father -- a university professor, was banished to the countryside during Mao's Cultural Revolution, as per a Bloomberg report. Young Zhao was exposed to technology and studied computer science.