Binance, the world’s largest cryptocurrency exchange, is set for a major leadership change as its founder and CEO, Changpeng Zhao, has agreed to step down from his position and plead guilty to undisclosed charges.

This shocking development comes as regulators around the globe have been intensifying their scrutiny of the cryptocurrency industry.

Zhao has agreed to pay a criminal fine of $50 million, although that amount may be reduced based on separate civil penalties he has agreed to pay.

The news of Zhao’s resignation and admission of guilt has sent shockwaves through the cryptocurrency community, with many speculating about the nature of the charges and the potential impact on Binance’s operations.

It now raises questions about the future of the exchange and the broader implications for the cryptocurrency market.

Zhao resides in the United Arab Emirates and had curtailed his travel this year.