Customers withdrew around US$956 million from Binance after Changpeng Zhao admitted guilt in a US investigation into illicit financing and stepped down as CEO of the crypto exchange.

Binance will pay US$4.3 billion in a settlement, but it is unclear whether Zhao faces jail and how much time he would serve. Senior executive Richard Teng, who joined the firm two years ago, took over as CEO.

The company is still facing charges that it broke US securities laws.