Binance CEO Changpeng Zhao is stepping down and pleading guilty to violating anti-money laundering requirements as part of a wide-ranging deal his company reached with US authorities — a dramatic fall for the leader of the world's largest cryptocurrency exchange.

Binance, as part of the deal, will pay regulators and prosecutors penalties of $4.3 billion and also plead guilty to criminal charges relating to money laundering, conducting an unlicensed money transmitting business, and sanctions violations.

Binance CEO Changpeng Zhao pleads guilty as part of broad pact with US authorities comes via ChinaTechNews.com.