On December 24th, 2020, Binance, the world’s largest cryptocurrency exchange, agreed to a $4.3 billion settlement with U.S. regulators. As part of the agreement, Binance’s founder and CEO, Changpeng Zhao, has resigned from his position.

The settlement comes after a lengthy investigation by the U.S. Department of Justice (DOJ) into Binance’s activities in the United States. The DOJ alleged that Binance had violated U.S. securities laws by allowing U.S. customers to trade digital tokens without registering with the Securities and Exchange Commission (SEC).

Under the terms of the settlement, Binance will pay a $4.3 billion fine and will be required to register with the SEC as a broker-dealer. Additionally, Binance will be required to implement measures to ensure that it complies with all applicable U.S. securities laws and regulations.

The settlement marks a major victory for U.S. regulators, who have been cracking down on cryptocurrency exchanges that are not compliant with U.S. laws and regulations. It also serves as a warning to other cryptocurrency exchanges that they must comply with U.S. laws or face similar consequences.

As part of the settlement, Changpeng Zhao has resigned from his position as CEO of Binance. Zhao was one of the most prominent figures in the cryptocurrency world and was widely respected for his leadership of Binance. He will be replaced by Binance’s current COO, Wei Zhou.

The settlement between Binance and U.S. regulators is a significant milestone in the regulation of cryptocurrency exchanges in the United States. It is a clear signal that U.S. regulators are serious about enforcing compliance with U.S. laws and regulations, and it is likely to have a major impact on the cryptocurrency industry in the United States going forward.