Zhao’s crypto exchange will also admit wrongdoing and agree to pay $4.3 billion in fines
3 min
The chief executive of Binance, the largest global cryptocurrency exchange, plans to step down and plead guilty to violating criminal U.S. anti-money-laundering requirements, in a deal that may preserve the company’s ability to continue operating, according to people familiar with the matter.
Changpeng Zhao is scheduled to appear in Seattle federal court Tuesday afternoon and enter his plea, according to court records unsealed Tuesday. Prosecutors also unsealed a document charging Binance, which Zhao owns, with anti-money-laundering and sanctions crimes. Binance will also plead guilty and agree to pay fines totaling $4.3 billion, which includes amounts to settle civil allegations made by regulators, the people said.
Zhao has agreed to pay a criminal fine of $50 million, although that amount may be reduced based on separate civil penalties he has agreed to pay, court records show.
The deal would end long-running investigations of Binance. Zhao founded the firm in 2017 and turned it into the most important hub of the global crypto market. The criminal probe, in particular, has shadowed the company even as its market share initially grew after the collapse last year of FTX, one of its main offshore competitors.
Executives have recently fled Binance, and the exchange has laid off a chunk of its employees this year as the company struggled to come to terms with the U.S. probes.
The deal would allow Zhao to retain his majority ownership of Binance, although he won’t be able to have an executive role at the company. He is eligible to return to working at the company three years after a court-imposed compliance monitor is appointed, court records show. He would face sentencing at a later date.
The outcome resembles an earlier case that prosecutors brought against the executives of BitMEX, an exchange for trading crypto derivatives that was based in the Seychelles. Its former CEO, Arthur Hayes, pleaded guilty to violating anti-money-laundering law and was later sentenced to two years probation, avoiding a possible prison term of six to 12 months.
Striking a deal between the Justice Department and Binance had been elusive for months, the people said. Zhao recently hired a new lead attorney, William A. Burck of Quinn Emanuel Urquhart & Sullivan, to represent him before the Justice Department. Gibson Dunn & Crutcher has represented Binance.
The Justice Department declined to comment.
The deal to be announced on Tuesday doesn’t include a settlement with the Securities and Exchange Commission, which sued Binance and Zhao in June and alleged it violated U.S. investor-protection laws, the people said. Major crypto exchanges such as Binance have decided to litigate with the SEC, believing they can show that cryptocurrencies don’t qualify as the kinds of investments overseen by the SEC.
The Justice Department’s investigation looked at Binance’s program to detect and prevent money laundering and whether it allowed individuals in sanctioned countries, such as Iran and Russia, to trade with Americans on the exchange, the Journal previously reported.
A separate agreement would resolve a civil lawsuit filed against Binance and Zhao earlier this year by the Commodity Futures Trading Commission, one of the U.S. regulators that has tried to police the freewheeling global market, the people said. The $4.3 billion that Binance would pay includes amounts to address the CFTC’s claims and those levelled by agencies of the Treasury Department.
The CFTC claimed that Binance for years didn’t have a program to prevent and detect terrorist financing and money laundering. It also said Binance gave Americans access to derivatives such as futures or swaps that can only be traded in the U.S. if they are offered on regulated platforms. Binance never registered with U.S. regulators, making its risky leveraged products off-limits to American traders, the CFTC said.
A CFTC spokesman declined to comment.
Zhao resides in the United Arab Emirates and had curtailed his travel this year. The United Arab Emirates doesn’t have a mutual extradition treaty with the U.S., although last year the countries signed a treaty that enhances law-enforcement evidence sharing.
The U.A.E. remained welcoming to crypto even as countries such as China and the U.S. have cracked down on the unregulated industry. Zhao’s status was a sticking point in negotiations between the government and Binance for months, according to people familiar with the talks.
—Caitlin Ostroff contributed to this article.
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As global demand for longevity treatments surges, Australia is fast becoming a player in this lucrative industry.
3 min
There was a time — not so long ago — when the idea of an indulgent spa day was simply about relaxing massages and therapeutic facials, followed by a five-star lunch and perhaps a dip in a mineral pool. But the health and wellness industry has evolved rapidly, bringing with it an explosion of cutting-edge treatments designed to slow ageing, boost vitality, and extend healthspan.
Cold-water plunge pools, infrared saunas, and float tanks have taken over as the staples of health spas, wellness centres, and high-end gyms. Even real estate developments are tapping into this trend. But now, high-tech longevity treatments — from cryotherapy and IV infusions to genetic testing and advanced cellular therapies — are taking the wellness scene in Australia to unprecedented levels.
A burgeoning market globally, the health and wellness industry is estimated to have been worth more than US$5.6 trillion in 2022. Projections suggest this figure will grow to a staggering $13 trillion by 2031, with Australia steadily catching up to the US and Europe, where longevity treatments are thriving. High-profile figures like Gwyneth Paltrow, Jennifer Aniston, Chris Hemsworth, and even Tom Brady are among the faces championing biohacking and experimental therapies, from stem cell infusions to blood transfusions.
The Rise of Longevity Clinics in Australia
One of the key players in Australia’s emerging longevity scene is Tristan Sternson, founder of Super Young. Sternson’s foray into the world of longevity treatments began as he approached 40 — a milestone that made him reflect on his health. As a former elite athlete, the transition from feeling invincible to feeling vulnerable led him to explore solutions that would help him reclaim vitality.
Initially frustrated by the lack of accessible health data locally, Sternson turned to overseas clinics for tests and treatments that painted a clearer picture of his biological needs. His experience inspired him to create Super Young, a Melbourne-based clinic offering evidence-based therapies tailored to individual needs. Services include cryotherapy, IV infusions, genetic testing, and biological age assessments. Memberships range from $85–$289 per week, while one-off tests start at $899.
Sternson emphasises the importance of personalised treatments. “I want people to start with the evidence side of it so they can really understand their own body and what treatments will work for them,” he says.
The Science of Longevity Medicine
Dr Karen Coates, an integrative medical doctor and a presenter for The Longevity Project at Gwinganna Lifestyle Retreat, echoes Sternson’s emphasis on personalisation. She explains that longevity isn’t just about living longer but about living better — optimising health today while securing vitality for the future.
“One-size-fits-all approaches don’t apply when it comes to longevity,” says Dr Coates. “It’s about understanding your body’s genetic makeup and adopting personalised strategies to support health and longevity.”
At Gwinganna’s four-night Longevity Project retreat, guests can undergo gene testing, biological age assessments, and learn strategies to bridge the gap between chronological and biological age. Packages for the retreat range from $2915 to $5460.
Biohacking for All Budgets
Not all longevity treatments come with hefty price tags. Health coach Camilla Thompson points out that simple lifestyle adjustments — like cold showers to stimulate circulation or adding Celtic sea salt to water for better hydration — can supplement advanced therapies.
While advanced treatments like stem cell and peptide therapies are yet to gain widespread regulatory approval in Australia, Sternson is optimistic about their future. He envisions a time when longevity centres will be as common as gyms, giving clients the tools to monitor and manage their health with precision.
“What I’d love to see is health insurance companies get on board,” Sternson adds. “If they can give discounts for safe driving based on car data, why not for healthy habits based on glucose monitoring or other health indicators?”
As Australia continues to embrace longevity medicine, it’s clear the industry is poised to reshape not just health and wellness but how Australians approach ageing itself.
