BINANCE CEO STEPS DOWN; CRYPTO PLATFORM HIT WITH RECORD $4.3 BILLION IN DAMAGES

Summary from the TLDR newsletter

Changpeng Zhao will step down as the CEO of Binance after the company pleaded guilty to violations of the Bank Secrecy Act and other charges. Binance will pay more than $4.3 billion to settle the charges. Zhao also agreed to a $50 million fine as part of the settlement. Richard Teng, Binance's head of regional markets, will take over as CEO. Zhao will remain as a shareholder. There were no allegations related to the misuse of customer funds or market manipulation.