Changpeng Zhao: another crypto king is dethroned by America’s courts

Weeks after the Bankman-Fried trial, the billionaire founder of the largest cryptocurrency exchange has been fined $50m and resigned

• Crypto giant Binance admits to money laundering

Changpeng Zhao, founder of the world’s largest cryptocurrency exchange, Binance, warned last year that it was difficult to prevent illegal activity in the industry that he dominated. “[If] somebody wants to violate the law, the law is not going to prevent that. The law can help to reduce that,” the company’s then chief executive said.

But the authorities can catch up with you, as the 46-year-old found out this week. Zhao quit as Binance’s chief executive on Tuesday after pleading guilty to breaking US anti-money-laundering legislation. He will pay a $50m fine and faces a possible prison term, while Binance has agreed to pay a $4.3bn settlement.