Cryptocurrency exchange Binance and its chief executive Changpeng Zhao have pleaded guilty to criminal charges related to anti-money laundering (AML) and US sanctions violations. The company will pay fines and penalties totaling $4.3 billion under a deal with the US Department of Justice.

As part of the settlement, Zhao will step down from his role as CEO of Binance and pay an additional $200 million in personal fines. He faces up to 10 years in prison on charges of money laundering, sanctions violations, and operating an unlicensed money-transmitting business.

Prosecutors allege Binance processed over $890 million in illegal transactions with customers in Iran and other sanctioned countries. The indictment states that Binance "turned a blind eye" and prioritized profits over legal compliance.

Richard Teng, currently Binance's head of regional markets, will take over as the new CEO. The appointment of Teng, formerly a regulator in Abu Dhabi, signals a shift towards improved regulatory compliance going forward.

This marks one of the largest-ever fines for a cryptocurrency firm. The settlement allows Binance to continue operating globally but is now under stricter oversight. Zhao said it is "time to let [Binance] walk and run" under new leadership.