Binance, one of the largest cryptocurrency exchanges, has announced a change in leadership. Richard Teng, the head of regional markets outside of the U.S., has been appointed as the new CEO. This decision comes after the founder and former CEO, Changpeng “CZ” Zhao, resigned and pleaded guilty to charges brought against him by the U.S. Department of Justice. CZ and Binance have reached a plea deal with the DOJ regarding alleged anti-money laundering violations. The settlement will cost the company a staggering $4.3 billion, and CZ will be prohibited from holding executive positions in any cryptocurrency companies. However, he will retain his shares and will not face jail time. This is an ongoing story, and more details will be provided as they become available.