Changpeng Zhao is leaving his post as CEO of Binance. The exchange entered into a deal with the US Department of Justice

Binance co-founder Changpeng Zhao announced that he is stepping down as the company's CEO.

Richard Teng has become the new CEO of Binance.

The exchange concluded the deal with the US Department of Justice.

The agreement resolves criminal charges of the exchange conducting an unlicensed money transfer business, conspiracy and violation of sanctions.

The company will pay a fine of $4.3 billion.

Zhao pleaded guilty to charges of facilitating money laundering. He will no longer be able to take part in the management of Binance, but will retain a controlling stake in the company.

Zhao will personally pay a $50 million fine.

Binance will also implement a “full exit” from the US as part of its agreement with FinCEN and will appoint a five-year monitor to oversee the exchange's sanctions compliance program. During this time, the US Treasury Department will have access to Binance data and systems.

The deal does not include settlements with the US Securities and Exchange Commission (SEC).

Judge Brian Tsuchida set Zhao's sentencing for Feb. 23, but that will likely be delayed. He faces a possible sentence of up to 18 months.

“I want to take responsibility and close this chapter in my life,” Zhao said during the trial.

Former Binance Chief Compliance Officer Samuel Lim will also face charges.

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