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The founder of the world’s largest crypto exchange has stepped down – and pleaded guilty to breaking anti-money laundering laws.

Changpeng Zhao’s shock departure from Binance comes as part of a $4bn (£3.2bn) settlement that has been reached with US regulators.

It is the culmination of a multi-year investigation into the trading platform, and the billionaire – known as “CZ” – is set to be sentenced next year.

The case bears similarities to the collapse of FTX, which was the world’s second-largest exchange – and Sam Bankman-Fried was found guilty on fraud charges earlier this month.

Bankman-Fried was convicted of misusing billions of dollars in funds belonging to customers, and now faces the prospect of spending decades behind bars.

In court on Tuesday, Zhao admitted that he had failed to take steps to prevent money laundering at Binance.

The embattled entrepreneur lives in the United Arab Emirates, which does not have an extradition treaty with the US.

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But his lawyer told a court in Seattle: “He decided to come here and face the consequences. He’s sitting here. He pled guilty.”

Binance founder and chief executive Zhao Changpeng, photographed on 12 July 2021. (Singapore Press via AP Images)
Image:
Binance founder and chief executive Zhao Changpeng. Pic: Singapore Press via AP

Zhao has also vowed to return when he is sentenced, telling the judge: “I want to take responsibility and close this chapter in my life. I want to come back. Otherwise I wouldn’t be here today.”

In separate developments, the US Securities and Exchange Commission sued Binance and Zhao in June – accusing the company of artificially inflating trading volumes, diverting customer funds, and misleading investors.

This is the latest setback for the sector, which has been left reeling after a slew of controversies and hacks.

Major cryptocurrencies – including Bitcoin and Ether – fell as markets digested the news.

Reports also suggest that Binance customers are pulling funds from the platform.

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Some reckon Trump’s unhinged – this speech might help their case

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Some reckon Trump's unhinged - this speech might help their case

The anticipation had been that it would be a speech of significance.

The White House had announced two days earlier that the president was to deliver an evening address to the nation.

Traditionally the 9pm slot, interrupting the prime-time schedule on all the networks, is reserved for big news – usually international in nature.

Speculation had grown through the day that he may use the speech to address the prospect of US military action in Venezuela.

Read more: Trump has told us why he’s going after Venezuela

Instead, Trump took the big audience moment to make what was essentially a campaign speech but delivered at speed and combative in tone.

He blamed former president Joe Biden for the economy he inherited, on the “brink of ruin”, adding that he is “bringing those high prices down and bringing them down very fast”.

Speaking from the White House Diplomatic Reception Room, he said: “Our country is back, stronger than ever before. We’re poised for an economic boom the likes of which the nation has never seen.

“It’s not done yet, but boy are we making progress, nobody can believe what’s going on.”

Flanked by Christmas trees, but the speech hardly offered goodwill to all men
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Flanked by Christmas trees, but the speech hardly offered goodwill to all men

He was speaking against an increasingly challenging backdrop politically and economically.

Petrol prices are down, but the broad cost of living continues to rise, and people do not seem to be feeling the economic boom he claims to be unleashing.

The unemployment rate rose to 4.6% in November, the highest it’s been for five years.

The only real announcement in his speech was a bonus for members of the military.

He said that the government would send cheques of $1,776 to all service members. The idea, he said, had only been finalised “about 30 minutes ago”, and the cheques were already in the post.

A fascinating speech – in tone if not substance

It was a very notable presidential address, not for what he announced because there was no big reveal. It was the tone which fascinated me.

The 9pm live address was his framing of his greatest hits from the past year, but delivered by an angry and frustrated man.

“Why are my polling numbers not better?” was the vibe he gave off.

“Why is the economy not doing better? Why are you – the voters – not feeling better off?”

Not actual quotes, but the clear subtext.

Read more: White House plaques attack ex-presidents

Trump's address was a selection of his greatest hits. Pic: Reuters
Image:
Trump’s address was a selection of his greatest hits. Pic: Reuters


It is his low polling, rising unemployment, the cost of living and inflation challenges which prompted this address.

Had he come out and, off script, with empathy, said – “look, I get it… it’s taking time for you to feel my economic success….” – if he’d said all that with meaning, I think that would have landed in a more sympathetic way.

Instead – reading, unusually, off a script, he came across as a very frustrated president and extremely defensive.

Here’s the worry for Team Trump. So often out and about with voters, I hear people say: “Oh I don’t really like his style, his language, his divisiveness. But he’s a businessman. He knows how to run the country and the economy.”

If he loses those people, he’s in real trouble. That’s especially true when combined with suggestions he is losing some in his base too – just listen to his fan-turned-foe, MAGA stalwart, Marjorie Taylor Green.

One last thought. There are observers who think Trump is kind of unhinged; losing his marbles a bit. The slightly strange tone of this speech will be evidence for them, for sure.

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New plaques in Trump’s White House attack Joe Biden, Barack Obama and George W Bush

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New plaques in Trump's White House attack Joe Biden, Barack Obama and George W Bush

Donald Trump’s administration has installed new plaques beneath portraits of former presidents attacking his predecessors in the US president’s typical fashion.

Among the plaques, apparently written by Mr Trump himself, is one for Joe Biden reading: “Sleepy Joe Biden was, by far, the worst president in American history.”

The “Presidential Walk of Fame” at the White House features a picture or painting of every former US president – except Mr Biden, who has been replaced by a photo of an autopen.

Biden's refers to 'Sleepy Joe'. Pic: Reuters
Image:
Biden’s refers to ‘Sleepy Joe’. Pic: Reuters

Mr Trump has repeatedly claimed Mr Biden was not mentally capable by the end of his term as president and his staff made decisions on his behalf, using an autopen to sign them off without his knowledge.

The device reproduces a person’s signature, allowing them to repeatedly sign documents without having to do so by hand each time.

The damning decoration goes on to falsely accuse Mr Biden of winning the “most corrupt election ever” and claims he made “unprecedented use of the autopen.”

Obama's says he presided over a 'stagnant economy'. Pic: Reuters
Image:
Obama’s says he presided over a ‘stagnant economy’. Pic: Reuters

Another plaque refers to “Barack Hussein Obama” as “one of the most divisive political figures in American history.”

The plaque underneath Bill Clinton’s photo reads: “In 2016, president Clinton’s wife, Hillary Clinton, lost the presidency to President Donald J Trump!”

Even George W Bush, a fellow Republican – though not a Trump supporter – is given a badge of rebuke, with his plaque saying the former president “started wars in Afghanistan and Iraq, both of which should not have happened.”

Bush's plaque attacks the wars in Iraq and Afghanistan. Pic: Reuters
Image:
Bush’s plaque attacks the wars in Iraq and Afghanistan. Pic: Reuters

The “Presidential Walk of Fame” is a recent addition to Mr Trump’s White House and displays the portraits along corridors between the Oval Office and the South Lawn.

The White House press secretary, Karoline Leavitt, said the plaques were an “eloquent” description of each president’s legacy.

“As a student of history, many were written directly by the president himself,” she said.

It is the latest change to Mr Trump’s White House, which has seen the increased use of gold-coloured accents and gilded fixtures that mimic the decorations in Trump Tower in New York and his Mar-a-Lago estate in Florida.

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Rob Reiner’s son appears in court accused of murdering Hollywood director and wife

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Rob Reiner's son appears in court accused of murdering Hollywood director and wife

Rob Reiner’s son Nick made his first court appearance on Wednesday on two counts of first-degree murder in the killing of his parents.

Wearing a suicide prevention smock and shackles, the 32-year-old did not enter a plea as he appeared from behind the glass wall of a custody area.

His next court appearance will be on 7 January.

As it happened: Nick Reiner makes first court appearance

Nick Reiner makes his first court appearance on murder charges in this courtroom sketch. Pic: Reuters/Mona Edwards
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Nick Reiner makes his first court appearance on murder charges in this courtroom sketch. Pic: Reuters/Mona Edwards

Nick Reiner spoke only to say, “yes, your honour” to agree to the date.

He was charged Tuesday with killing the 78-year-old actor and director Rob Reiner and his wife, Michele Singer Reiner, Los Angeles County District Attorney Nathan Hochman announced at a news conference.

Nick Reiner is being held without bail and could face the death penalty.


Reiner’s lawyer tells public don’t ‘rush to judgement’

Along with the two counts of first-degree murder, prosecutors added a special circumstance of multiple murders, as well as an allegation that he personally used a dangerous and deadly weapon, a knife.

Speaking outside the court, Nick Reiner’s lawyer, Alan Jackson, called on the public not to “rush to judgement”.

Mr Jackson pointed to “complex and serious issues that are associated with this case” that needed to be thoroughly and “very carefully dealt with and examined”.

He added that it was a “devastating tragedy that has befallen the Reiner family”.

Rob Reiner, Michele Singer Reiner, Romy Reiner, Nick Reiner, Maria Gilfillan and Jake Reiner. Pic: JanuaryImages/Shutterstock
Image:
Rob Reiner, Michele Singer Reiner, Romy Reiner, Nick Reiner, Maria Gilfillan and Jake Reiner. Pic: JanuaryImages/Shutterstock

‘Unimaginable pain’

Nick Reiner’s two siblings Jake and Romy have released a statement, saying “words cannot even begin to describe the unimaginable pain we are experiencing every moment of the day”.

“The horrific and devastating loss of our parents, Rob and Michele Reiner, is something that no one should ever experience,” they said.

“They weren’t just our parents; they were our best friends. We are grateful for the outpouring of condolences, kindness, and support we have received not only from family and friends but people from all walks of life.”

The two asked for “respect and privacy” and for speculation to be treated with “compassion and humanity”.

Authorities have not disclosed a motive for the killings.

Rob Reiner and Michele Singer Reiner were found dead from apparent stab wounds in their home in the upscale Brentwood neighbourhood of Los Angeles.

The area near Rob Reiner's home. Pic: AP
Image:
The area near Rob Reiner’s home. Pic: AP

Read more from Sky News:
Moment Nick Reiner arrested for murder of his parents
Could Reiner actually face the death penalty?

Nick Reiner did not resist when he was arrested hours later near the University of Southern California, about 14 miles (22.5 kilometres) from the crime scene, according to police.

Rob Reiner was a celebrated director, whose work included some of the most memorable films of the 1980s and 1990s, including This Is Spinal Tap, The Princess Bride, When Harry Met Sally and A Few Good Men.

He met Michele Singer, a photographer, movie producer and advocate for LGBTQ+ rights, in 1989, while directing When Harry Met Sally.

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