Binance CEO Changpeng “CZ” Zhao is reportedly preparing to resign from his role at the helm of the cryptocurrency exchange as the U.S. Department of Justice (DOJ) gears up to announce a significant $4.3 billion settlement with Binance. This development comes as per a report from The Wall Street Journal.

CZ is expected to plead guilty to various charges brought forward by the DOJ. He is scheduled to appear in a federal court in Seattle on November 21 to submit his plea. According to the Journal’s report, CZ will plead guilty to a criminal charge associated with violations of Anti-Money Laundering (AML) laws.

While the agreement will enable CZ to maintain his majority ownership in Binance, it stipulates that he cannot serve in any executive capacity at the firm. This condition suggests that CZ is unlikely to face imprisonment as part of the plea bargain.

It’s important to note, however, that this plea agreement with the DOJ does not cover the ongoing litigation Binance faces with the U.S. Securities and Exchange Commission (SEC), as it does not include a settlement for the lawsuit filed against Binance in June.

The DOJ’s settlement will address the company’s legal issues with the Commodity Futures Trading Commission (CFTC). The reported $4.3 billion settlement figure will be used to resolve the CFTC’s case against Binance, as well as outstanding claims from the U.S. Treasury Department.

The news of CZ’s impending plea deal has sparked a flurry of reactions on crypto social media platforms. Among the commenters was former pharmaceutical executive Martin Shkreli, who humorously offered to “put in a good word” for CZ. Shkreli, known in the media as “Pharma Bro,” served four years of a seven-year sentence on fraud charges. Despite his jest, it appears unlikely that CZ will serve jail time under the terms of his plea agreement.