NEW YORK: Binance chief executive Chang­peng Zhao will admit violating US laws as part of a $4 billion settlement resolving a years-long probe into illicit finance breaches at the world’s largest crypto exchange, said two sources familiar with the matter.

He will also step down and plead guilty to violating criminal US anti-money laundering requirements in a Seattle federal court on Tuesday, the Wall Street Journal reported on Tuesday.

The deal, which will resolve allegations the company violated illicit finance and money-laundering laws, involves the Justice Department, the Commodity Futures Trad­ing Commission and the Treasury Depart­ment, the sources said.

The company will pay $3.4bn to the Treasury’s financial crimes enforcement network and $968 million to the Treasury’s sanction unit, one of the sources said.

Binance’s former chief compliance officer Samuel Lim will also be charged as part of the settlement, the other source said, adding Binance will also be required to remediate its lapses.

Published in Dawn, November 22th, 2023