The chief executive of Binance, the largest global cryptocurrency exchange, plans to step down and plead guilty to violating criminal US 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 on 21 November afternoon and enter his plea, the people said. Binance, which Zhao owns, will also plead guilty to a criminal charge and agree to pay fines totalling $4.3bn. That includes amounts to settle civil allegations made by regulators, the people said.