The fallen kings of crypto
guardian.ngChangpeng Zhao, founder and chief executive officer of Binance, attends the Viva Technology conference dedicated to innovation and startups at Porte de Versailles exhibition center in Paris, France June 16, 2022. REUTERS/Benoit Tessier<br />
Binance boss Changpeng Zhao has become the most powerful cryptocurrency figure to fall in a two-year period chaotic even by the standards of the notoriously volatile industry.
Zhao stepped down as CEO of Binance — the largest crypto exchange in the world — after he and the company pleaded guilty on Tuesday to sweeping US money laundering violations and agreed to fines of more than $4 billion.
Here are three of the highest-profile crypto executives who have fallen foul of the law since last year:
– Changpeng ‘CZ’ Zhao –
Born in China in 1977, Zhao moved with his family to Canada in the 1980s and later got a degree in computer science from McGill University, according to his profile in the Bloomberg Billionaires Index.
He founded Binance in 2017 in Shanghai, and led the company’s explosive growth into the world’s biggest cryptocurrency exchange.
An outspoken celebrity in the crypto world with 8.7 million followers on X, Zhao became the richest known figure in the nascent industry. His net worth peaked at around $65 billion in 2022, according to a Forbes index.
With the prestige and wealth came increased scrutiny of Binance’s operations, as prominent crypto firms around the world began to buckle under a wave of criminal investigations.
The United States accused Zhao and Binance of multiple violations, including knowingly allowing transactions to militant groups such as the Islamic State and in barred jurisdictions such as North Korea and Iran.
On Tuesday, they pleaded guilty. The firm has agreed
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