CZ’s Trial Proves it Pays to Cooperate
His four-month sentence was vindication for the Binance founder’s legal strategy.
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Changpeng “CZ” Zhao
His four-month sentence was vindication for the Binance founder’s legal strategy.
He likened FTX’s Sam Bankman-Fried to Luke Skywalker and Binance’s Changpeng Zhao to Darth Vader. Federal judges saw it differently.
Judge Richard Jones said he spent the weekend pouring over the voluminous letters of support for the ex-CEO of Binance until the book they were contained in literally fell apart.
Former Binance CEO Changpeng “CZ” Zhao now faces the genuine possibility that he’ll spend three years in federal prison in the U.S. – well above the possible 18 months laid out in his plea agreement.
Binance’s founder and former chief executive, Changpeng “CZ” Zhao, should spend three years in prison for his role in enabling the crypto exchange to violate federal sanctions and money laundering laws, the U.S. Department of Justice said Tuesday night.
Binance’s fairly new boss Richard Teng has said Bitcoin (BTC) will exceed his previous expectations of hitting the $80,000 mark by the end of this year, according to Bloomberg.
Zhao has requested permission to travel to the UAE, where his three children remain.
Binance, Binance.US and Changpeng Zhao argued that the U.S. Securities and Exchange Commission did not meet the requirements of the “Howey Test” in its suit against the two companies and their founder in a new filing Tuesday.
Binance founder and former CEO Changpeng Zhao must remain in the U.S. until he is sentenced next February, a federal judge ruled Thursday.
The former BitMEX CEO said the record-breaking penalties against Binance represent an institutional bias against the transformative impact of cryptocurrency and blockchain technology.