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The United States' successful prosecution of Binance's Changpeng Zhao this week removed the top executive of the world's largest cryptocurrency exchange, a key target in its efforts to clean up a market with a Wild West reputation.
Zhao, also known as CZ, agreed to plead guilty to a criminal charge of failing to protect against money laundering, pay $50 million in fines and resign as chief executive as part of the deal he reached with U.S. authorities. His sentencing is scheduled for February.
His departure underlines the sharp reversal of fortunes for the top cryptocurrency bosses who attracted the most hype and attention during the market boom years of 2020 and 2021.
โ[CZโs departure] โIt could mark the end of the โcult of personalityโ in cryptocurrencies,โ said Michael Safai, co-founder of trading firm Dexterity Capital. "The space still has its heroes and antiheroes, but it's also maturing so that good projects are supported by deep teams, and not just one person in the spotlight."
The U.S. Department of Justice has led the fight against dishonest behavior, with support from FinCEN, part of the U.S. Treasury Department, and federal markets agencies, the Securities and Exchange Commission and the U.S. Trade Commission. Commodity Futures.
Some of the biggest names in the cryptocurrency world are facing time behind bars; others are fighting civil charges. That leaves only a handful of people who do not personally face legal problems.
Here's how well-known executives have fared over the past 18 months.
