Changpeng Zhao would enter the history books as the richest person ever to do time in US federal lockup since his ownership of Binance, should a Seattle judge agree with prosecutors and order him jailed.
It’s “better to ask for forgiveness than permission” when it comes to complying with the law, the billionaire founder of the Binance cryptocurrency exchange once told his team, according to the US government.
And despite relinquishing the chief executive title as part of his deal with the government, Zhao’s lingering influence on the company is hard to miss: Its new board of directors is dominated by his devoted friends, and the mother of three of his children plays a major role in running its operations.
While its dominance has slipped a bit, Binance has maintained its market-share leadership in combined spot and derivatives crypto markets. Among the crimes that the DOJ charged Binance with, duping customers about the use of their funds wasn’t one of them. How many things have actually changed inside Binance since the plea agreement that ousted Zhao is the subject of much water cooler talk in the crypto world.While he was never the type to rub elbows with celebrities or invite reporters into his home, the way FTX’s Bankman-Fried did at his lavish Bahamas penthouse, Zhao has gotten so low-key since his guilty plea that he’s practically been invisible.
She condemned so-called “rat trading,” or buying and selling that is intended to manipulate markets or is corruptly motivated, for example, by early notice of a new token listing on the exchange that could move its price. According to a court document, Zhao’s home base has been with his sister in Los Angeles as he awaited sentencing, but he has been allowed to roam the US, where his two older, college-aged kids live.
She said that “CZ is the spiritual leader of Binance. There is no doubt that he is also my prudent leader and guide.” A US monitor — likely a big law firm or consultant — will be assigned to keep an eye on Binance’s compliance with the US plea agreement for five years to make sure it’s taking appropriate steps to abide by anti-money laundering and sanctions laws.
Binance Changpeng “CZ” Zhao Crypto Exchanges Department Of Justice (Doj) FTX Heina Chen Nigeria Richard Jones Sam Bankman-Fried (SBF) SEC Tessa M. Gorman Xin Wang Yi He Cryptocurrency
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