Changpeng Zhao agreed to plead guilty to money laundering charges and step down from Binance as part of a sweeping settlement with the Department of Justice and top regulators.
As Sam Bankman-Fried prepares to go to prison for one of the largest financial frauds in history, the cryptocurrency industry is looking ahead to a future without its former "golden boy."
The SEC announced this week a barrage of lawsuits against crypto exchanges Coinbase and Binance. The outcome could help define the future of the cryptocurrency sector.
U.S. regulators sued Binance, saying the world's largest crypto trading platform misled investors and regulators. The accusations were part of 13 charges unveiled by the SEC.
Binance temporarily froze withdrawals after customers withdrew more than $1 billion worth of crypto on Tuesday, fueling fears more crypto companies could collapse.