BNB price declines as Binance CEO plea deal will see him step down
Quick Take
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The price of BNB declined on Tuesday after reports that Binance CEO Changpeng ‘CZ’ Zhao would step down as part of a plea deal with the U.S. Department of Justice.
The price of 
BNB
+1.63%
fell on Tuesday after reports first emerged that Binance CEO Changpeng 'CZ' Zhao planed to step down as part of a plea deal with the U.S. Department of Justice. Details of the deal, which will also see the crypto exchange pay more than $4 billion, were later confirmed in court filings.
The token, used to pay for transaction fees on the world's largest cryptocurrency exchange, has posted a drop of over 6% from levels seen a day earlier. BNB was changing hands for $242.91 at 2:39 p.m. in New York, according to The Block data.
The price decline comes as an abrupt U-turn for the token after it rallied to a yearly high of $266 on a Monday report that the DOJ was seeking to resolve its long-running investigation into Binance by issuing the company with a hefty $4 billion penalty.
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According to court filings, Zhao will plead guilty to violating and causing a financial institution to violate the Bank Secrecy Act. He'll agree to a $50 million fine.
The Department of Justice will hold a press conference at 3:00 p.m. ET on Tuesday.
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