What's happened
Changpeng Zhao, founder of Binance, pleads guilty to money laundering violations in the US
Why it matters
The guilty plea of the founder of the world's largest cryptocurrency exchange is significant as it highlights the increasing scrutiny and legal challenges faced by major players in the crypto industry, impacting global financial markets and regulation.
What the papers say
The Times reports on Zhao's plea for mercy and his statement taking responsibility, while The Guardian emphasizes the massive penalties faced by Binance and the violations that allowed money to flow to illicit activities. South China Morning Post and Axios focus on the legal proceedings, including Zhao's agreement to stay in the US and the appeal regarding his return to the UAE.
How we got here
Changpeng Zhao, founder of Binance, resigned after pleading guilty to criminal money-laundering charges, becoming the third founder of a major crypto exchange to be convicted of crimes.
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.