CZ Out as Binance Chief, Pleads Guilty

So much for a slow news week this Thanksgiving.

The fast-moving cluster that was the OpenAI leadership battle appears to have been resolved with Sam Altman?returning ?as CEO. Shoutout to our cartoonist Matt Bodkin who I thought?captured ?the last five days at OpenAi well (see below).

But the OpenAI story was eclipsed yesterday by monumental news in the world of crypto. The world's largest crypto exchange, Binance, has?agreed ?to pay $4.3 billion in fines to the U.S. government for violating anti-money-laundering requirements.?

That would have been a massive story in and of itself. But when Changpeng Zhao (CZ) appeared in a Seattle court yesterday he pleaded guilty to facilitating transactions with sanctioned groups. He agreed to personally pay a $50 million fine and to step down from the CEO role of the company he founded.

He will avoid jail time unlike his fellow crypto luminary Sam Bankman-Fried, and his fall is nowhere near as complete. But this must be a huge blow to CZ personally as he will no longer control the most important company in crypto.?

Happy Thanksgiving everyone. We will be back on Monday.

P.S. We often feature articles from The?Fintech?Blueprint in our newsletter. For Black Friday they’re offering their steepest discount yet — 50% off a premium subscription. It’s a fantastic value. For less than $10/month, you can ensure you’re getting access to the best?fintech?analysis in the biz. Get 50% off?here .

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Binance Founder Changpeng Zhao Agrees to Step Down, Plead Guilty

The largest global crypto exchange will admit wrongdoing and agree to pay $4.3 billion in fines.

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