# Binance CEO Changpeng Zhao Expected to Step Down Amid DOJ Settlement
Cryptocurrency market experiences decline as reports surface, revealing Binance CEO Changpeng Zhao’s potential resignation as part of a settlement with the US Department of Justice (DOJ). The market, especially Bitcoin and Binance Coin (BNB), reacts to the news, suggesting a significant shift in Binance’s leadership.
According to a report by Forbes, it is anticipated that the DOJ will make an announcement today regarding this matter. The alleged frontrunner to take over as the new CEO is Richard Teng. This development follows the DOJ’s reported pursuit of over $4 billion from Binance as part of the settlement.
As the news of Changpeng Zhao’s potential resignation emerged, the cryptocurrency market experienced a significant downturn. Bitcoin fell below $37,000, while BNB plummeted by 7% to $240. Ethereum also faced a dip, losing the $2,000 mark. At the time of the report, BTC decreased by 3% to $36,797, ETH by 4% to $1,968, and the overall crypto market cap dropped by 1.7% to $1.44 trillion.
The reported settlement includes Changpeng Zhao stepping down from his position as part of a deal to cease criminal investigations against Binance. This development suggests that CZ is likely to plead guilty to the charges leveled against him and the exchange. An announcement by US Attorney General Merrick Garland is anticipated to provide more clarity on the situation.
For more information, check out the original article on [Coin Journal](https://coinjournal.net).
1. **Why is Changpeng Zhao expected to step down from Binance?**
– Changpeng Zhao’s potential resignation is reportedly part of a settlement with the US Department of Justice to drop criminal investigations against Binance.
2. **How did the cryptocurrency market react to this news?**
– Following the reports, the market experienced a sharp decline, with Bitcoin falling below $37,000 and Binance Coin dropping by 7% to $240. Ethereum also faced a dip, losing the $2,000 mark.
3. **Who is anticipated to take over as the new CEO?**
– Richard Teng is reportedly poised as the new CEO following Changpeng Zhao’s potential resignation.
4. **What is the reported settlement amount sought by the DOJ from Binance?**
– The Department of Justice was said to be seeking over $4 billion from Binance as part of the settlement.
5. **What is anticipated to follow Changpeng Zhao’s resignation?**
– An announcement by US Attorney General Merrick Garland is expected to reveal more details, including the reported guilty plea by Changpeng Zhao and the resolution of charges against the exchange.