The chief executive of the largest global cryptocurrency exchange, plans to plead guilty to violating criminal U.S. anti-money-laundering requirements.

The Securities and Exchange Commission has told Paxos that it plans to sue the company for violating investor protection laws.

Prosecutors alleged the founder of the failed cryptocurrency exchange contacted a potential witness in his criminal case.

U.S. authorities designated cryptocurrency exchange Bitzlato as a primary money-laundering concern and charged its founder for allegedly facilitating money laundering for criminals.