The Department of Justice held a press conference regarding Binance, with founder Changpeng Zhao announcing his replacement as the CEO. Zhao has pleaded guilty to several charges, including violating financial laws, and Binance is required to pay $4.3 billion in penalties and forfeitures. The company must also exit the US market and follow reporting requirements. Richard Teng will take over as CEO. The US Department of the Treasury alleges that Binance failed to prevent illicit transactions involving terrorist groups and money launderers. Treasury Secretary Janet Yellen emphasized the need for virtual currency firms to abide by regulations. Zhao plans to take a break and potentially mentor entrepreneurs.
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