Changpeng Zhao built Binance into the world’s largest cryptocurrency exchange, and became one of the faces of crypto in the process. Last week, he appeared in federal court and pleaded guilty to violating U.S. anti-money-laundering laws and agreed to step down as CEO. WSJ’s Patricia Kowsmann explains what the deal means for Zhao, Binance, and the future of crypto itself.

Further Listening:

- The Trial of Crypto’s Golden Boy

- A Crypto Exchange Crackdown

- The Rise of Binance - And The Effort to Reel It In

Further Reading:

- Inside Binance’s Guilty Plea and the Biggest Fine in Crypto History

- The World’s Biggest Crypto Firm Is Melting Down

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