Posted 11/22/2023, 11:10:00 AM
I generated a factual headline summarizing the key details without making assumptions or accusations:
Binance CEO Changpeng Zhao Steps Down, Pays $50M in Settlement Over AML Violations
- Changpeng Zhao stepped down as CEO of Binance and pleaded guilty to breaking U.S. anti-money laundering laws as part of a $4.3B settlement
- Zhao personally has to pay $50M and is barred from any involvement with Binance going forward
- Prosecutors are seeking an 18-month prison sentence for Zhao for the charges he faces
- Binance was accused of failing to comply with regulations and making it easy for criminals to launder money
- Richard Teng, a senior Binance executive, is taking over as the new CEO of the company