Here’s How Much Time Binance’s CZ Could Potentially Face Behind Bars• November 26, 2023 10:22 pm • Comments
All of us have a lot of feelings about Binance. Personally, I am not a fan of centralized exchanges in general, but the persecution of Binance and Binance’s CEO at the hands of U.S. authorities is appalling.
The only reason Binance was targeted was because it is the world’s largest centralized crypto exchange by volume—everyone knows this.
Traditional banking institutions and the U.S. government itself are both the world’s largest money launderers and financiers of terrorism—not crypto.
As part of that targeting and the levied charges against Binance’s former CEO Changpeng Zhao, prosecutors could potentially throw the former CEO behind bars for up to 10 years if the maximum sentence is imposed. On November 21, 2023, Changpeng Zhao announced:
“Today, I stepped down as CEO of Binance. Admittedly, it was not easy to let go emotionally. But I know it is the right thing to do. I made mistakes, and I must take responsibility. This is best for our community, for Binance, and for myself.
Binance is no longer a baby. It is time for me to let it walk and run. I know Binance will continue to grow and excel with the deep bench it has.
I’m pleased to announce that Richard Teng, our now former Global Head of Regional Markets, has been named the new CEO of Binance today.
Richard is a highly qualified leader and, with over three decades of financial services and regulatory experience, he will navigate the company through its next period of growth. He will ensure Binance delivers on our next phase of security, transparency, compliance, and growth.
Prior to joining Binance, Richard was CEO of the Financial Services Regulatory Authority at Abu Dhabi Global Market (ADGM); Chief Regulatory Officer of the Singapore Exchange (SGX); and Director of Corporate Finance in the Monetary Authority of Singapore.
With Richard and the entire team, I’m confident that the best days for Binance and the crypto industry lay ahead.
As a shareholder and former CEO with historical knowledge of our company, I will remain available to the team to consult as needed, consistent with the framework set out in our U.S. agency resolutions. What’s next for me?
I will take a break first. I have not had a single day of real (phone off) break for the last 6 and half years.
After that, my current thinking is I will probably do some passive investing, being a minority token/shareholder in startups in areas of blockchain/Web3/DeFi, AI and biotech. I am happy that I will finally have more time to spend looking at DeFi.
I can’t see myself being a CEO driving a startup again. I am content being an one-shot (lucky) entrepreneur. Should there be listeners, I may be open to being a coach/mentor to a small number of upcoming entrepreneurs, privately. If for nothing else, I can at least tell them what not to do.
On that note, I am proud to point out that in our resolutions with the U.S. agencies they:do not allege that Binance misappropriated any user funds, and
do not allege that Binance engaged in any market manipulation. Funds are SAFU!
With that, I look forward to seeing the new leadership take the reins. Please join me in congratulating Richard on his well-deserved promotion. Onwards!”
Today, I stepped down as CEO of Binance. Admittedly, it was not easy to let go emotionally. But I know it is the right thing to do. I made mistakes, and I must take responsibility. This is best for our community, for Binance, and for myself.
Binance is no longer a baby. It is…
— CZ 🔶 BNB (@cz_binance) November 21, 2023
Breaking News: U.S. DOJ Reveals That Prosecutors May Argue That CZ Should Be Sentenced To 10 Years In Prison
The U.S. Department of Justice (DOJ) charged ChangPeng Zhao (CZ) with, and CZ pled guilty to, one count of violating the Bank Secrecy Act. The charge stems from a mammoth… pic.twitter.com/gJ5EsB082Q
— John Reed Stark (@JohnReedStark) November 26, 2023
Bein Crypto reports:
Legal experts anticipate a 12 to 18-month sentence for Zhao at a minimum-security prison. Moreover, a recent DOJ filing highlighted Zhao’s potential flight risk, given his UAE citizenship and considerable wealth.
The DOJ advocates for stringent pre-sentencing restrictions as the “United States is free to argue for any sentence up to the statutory maximum of ten years.”
WhaleWire clarified: “Binance CEO Changpeng Zhao (CZ) facing over 18+ months in maximum security prison as part of his plea deal with the U.S Government. Prosecutors are also keeping open the possibility of asking for a stiffer penalty, aiming at 5-10+ years.”
JUST IN: #Binance CEO Changpeng Zhao (CZ) facing over 18+ months in maximum security prison as part of his plea deal with the U.S Government.
Prosecutors are also keeping open the possibility of asking for a stiffer penalty, aiming at 5-10+ years. pic.twitter.com/kptgivRfpx
— WhaleWire (@WhaleWire) November 21, 2023
👨⚖️ Former Binance CEO CZ Faces This Punishment
🔒 Following Changpeng Zhao's guilty plea, he could face a maximum sentence of 10 years in prison and fines up to $500,000.
🔍 While the specific sentencing recommendations from U.S. federal prosecutors remain unclear, it is… pic.twitter.com/R54GF1ZPN0
— Torus Crypto Field (@TorusCrypto) November 24, 2023
According to The Hill:
His lawyers are asking for Zhao to be able to return home to his partner and their three young children while sentencing is pending.
U.S. Magistrate Judge Brian Tsuchida originally made the decision to allow him to return home ahead of the Feb. 23 sentencing, but the DOJ pushed Jones to reverse the decision.
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