Changpeng Zhao, the founder of the cryptocurrency exchange operator Binance, pleaded guilty to money laundering violations November 21. As part of Zhao’s guilty plea, he agreed to pay a $50 million fine and announced he would be stepping away from his role as the company’s chief executive officer, according to The New York Times.

Zhao could be imprisoned for up to 18 months under federal sentencing guidelines. However, prosecutors are keeping open the possibility of asking for a stiffer penalty, explained senior officials from the U.S. Justice Department.

The company itself pleaded guilty to other charges and agreed to pay $4.3 billion in fines and restitution to the government, said federal authorities. As part of Binance’s plea deal, the company was forced to accept the appointment of a government monitor to oversee the business. Three years after the monitor is appointed, Zhao will be allowed to return to the company.

During a news conference, Attorney General Merrick Garland said that Zhao and other Binance executives “engaged in a deliberate and calculated effort to profit from the U.S. market without implementing the controls that are required by U.S. law.” Treasury officials also mentioned that Binance failed to create programs that report suspicious transactions involving terrorist groups.

See our previous coverage of this topic: https://www.supplychainbrain.com/articles/37781-will-a-new-whistleblower-law-spell-the-end-of-cryptocurrencies