The Globe and Mail reports in its Wednesday edition that Changpeng Zhao, the founder of Binance, the largest cryptocurrency exchange in the world, pleaded guilty to money laundering violations, a stunning blow to the most powerful and influential figure in the global crypto industry. A New York Times item inside The Globe says that Binance itself also pleaded guilty and agreed to pay $4.3-billion (U.S.) in fines and restitution to the U.S. government. Under the agreement, Binance also reached settlements with the Treasury Department and the Commodity Futures Trading Commission, which have also been investigating the company. As part of his guilty plea, Mr. Zhao agreed to pay a $50-million (U.S.) fine and will also step down from his role as chief executive officer. The government is seeking an 18-month prison sentence for Mr. Zhao, the maximum suggested under federal guidelines. The Securities and Exchange Commission has filed lawsuits against some of the largest companies in the industry, including Coinbase, the publicly traded American exchange. On Monday, the SEC sued Kraken, another crypto exchange, accusing it of operating without proper registration and commingling customer deposits with its own corporate assets.