Binance CEO Changpeng Zhao in discussions to step down: report

Binance CEO Changpeng Zhao may step down as part of a major $4 billion settlement between the U.S. Department of Justice and the company, Forbes reported on Tuesday, citing a source familiar with the matter.

U.S. government authorities are expected to unveil a settlement with Binance Holdings, resolving a years-long investigation into the world's largest crypto exchange, according to a source familiar with the matter.

The deal, which will include charges against individuals and resolve allegations of violations of the Bank Secrecy Act and other U.S. laws, involves multiple U.S. agencies: the Justice Department, the Commodity Futures Trading Commission and the Treasury Department's Financial Crimes Enforcement Network, the source said.

The resolution would involve a large penalty with Binance, though the source did not specify the exact amount. On Monday, Bloomberg reported that the Justice Department was seeking $4 billion from the firm.

Binance has been under Justice Department's scrutiny since at least 2018, just one of a string of legal and regulatory headaches it faces in the U.S.

Federal prosecutors asked the company in December 2020 to provide internal records about its anti-money laundering efforts, along with communications involving CEO and founder Changpeng Zhao.