After being found guilty by a United States Court of violation of Anti-Money Laundering laws, Binance did not report more than 100 thousand suspicious transactions such as Hamas, Iraq, Syria, and Al-Qaeda, there were also cases of child sexual abuse, and received payments from ransomware. Because of that, on account X, Changpeng Zhao officially resigned as CEO of Binance, he also had to pay a fine of $4.3 billion plus a separate fine of $50 million. As CEO of Binance, Changpeng Zhao was replaced by Richard Teng from Singapore.