Binance clients withdraw $1 billion after money laundering charges

The world's largest crypto currency exchange, Binance, has lost more than $1 billion dollars in the first 24 hours since its founder pleaded guilty to federal money laundering charges.

Changpeng Zhao, one of the most influential figures in crypto, could also be facing jail time.

The company has been hit by a record fine of more than $4 billion, and since the news broke many customers of Binance have been withdrawing their money from the exchange.

The US Justice Department said Binance had helped users bypass sanctions across the world.