What's happened
Changpeng Zhao, founder of Binance, pleads guilty to money laundering violations and steps down as CEO.
Why it matters
The founder of the world's largest cryptocurrency exchange pleading guilty to money laundering violations and stepping down as CEO is a significant event in the cryptocurrency industry and has implications for the future of Binance.
What the papers say
The New York Times and AP News report on the guilty plea and resignation, while The Times and South China Morning Post provide additional context about the charges and the financial implications for Binance.
How we got here
Binance has been under scrutiny from US authorities for several years, and the guilty plea and resignation come after a lengthy inquiry by American prosecutors.
More on these topics
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Changpeng Zhao, commonly known as CZ, is a Chinese-born Canadian businessman, investor, and software engineer. Zhao is the co-founder and CEO of Binance, the world's largest cryptocurrency exchange by trading volume as of July 2022.
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Binance is a cryptocurrency exchange that provides a platform for trading various cryptocurrencies founded in 2017. As of April 2021, Binance was the largest cryptocurrency exchange in the world in terms of trading volume.
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The United States of America, commonly known as the United States or America, is a country mostly located in central North America, between Canada and Mexico.