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This summary text is fully AI-generated and may therefore contain errors or be incomplete.
Former Binance CEO Changpeng Zhao has pleaded guilty to money laundering charges and has agreed to pay a $50 million fine. He also faces a potential 18-month prison sentence. As part of his plea deal, Zhao has stepped down from his leadership position at Binance. In a post on X, he expressed his resignation and took responsibility for his mistakes. Zhao plans to become a private, passive investor in blockchain and will remain involved with Binance as a shareholder. Richard Teng, Binance’s former Global Head of Regional Markets, will take over as the new CEO. Zhao clarified that Binance’s recent agreement with the Department of Justice does not accuse the company of misappropriating user funds or engaging in market manipulation.