Co-Founder of the worlds largest exchange Binance , Changpeng Zhao,Popularly known as CZ , Pleads guilty of alleged charges and is at a risk of a decade in prison sentence.
Now Ex- CEO of binance , CZ, was charged of a case of money laundry, bank secrecy act violation ,as well as involvement in terrorist group and hamas transaction.
This allegations of disregarding the US laws occured countless times with binance overseeing the consequences attached.
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Based on the plea agreement from the court,CZ was asked to step down on November 2023 as the CEO of binance pay a fine of $50M and also risk prison sentencing of averagely 10years.
Unfortunately,CZ,was also grounded and denied his flight request to United Arab Emirates , as the chief justice of the U.S. District Court, Western District of Washington.suspects he would not come back again to US if granted a leave.
“The former Binance boss, possessing significant assets and ties to countries without U.S. extradition agreements, presents a potential flight risk,”
According to the judge,Judge Jones ,he emphasized on the root cause of these issue,stating its a management misconduct due to greed.
“This really is a case where the ethics of the company were compromised by greed,” Judge Jones stressed,
As spotted, CZ assets were based in United Arab Emirates with over $25billion in net worth,but majorly his assets were in cryptocurrency,which rapidly increased lately with the recent bull drives over the bear season from the Bankman-Fried’s FTX saga,
CZ has been scheduled for court sentencing on April 30,initially scheduled for February 23rd,although his lawyer, William Burke has been shun mute since this postponement .
Amidst the sentencing day, Many ponder on the sentence rate, as the for see averagely a 12-18 months sentencing.
Unfortunately, according to Security exchange commission (SEC),Cases like this are often termed to 10years sentence rate, This was emphasized by the formal SEC official and cyber security consultant John Reed Stark. But can released on a $175MIillion bail.
Many prosecutors and judges of the court want a lengthier sentence for CZ as the thus termed the non alignment to these sentencing will make binance case a historical injustice of epic proportions.”
