đ¨Changpeng Zhao: CZ's guilty plea accepted by judge
â The United States federal court recently approved the guilty plea of ââChangpeng Zhao, the founder of Binance. With CZ's sentencing scheduled for February 2024, the case draws attention to the legal and regulatory challenges facing leaders in the cryptocurrency industry.
đ¨CZ's plea accepted
â The US federal judge validated the guilty plea between Changpeng Zhao, founder of Binance, and the United States government. This approval, given by Seattle District Court Judge Richard Jones on December 6, 2023, is an important milestone in this high-profile case.
â The deal, finalized on November 21, 2023, came after accusations against Binance for failing to register as a money services business and violating the Bank Secrecy Act (BSA). As a result, Binance agreed to settle a hefty fine of $4.3 billion. CZ admitted responsibility for violating the BSA, and U.S. prosecutors demanded that he remain in the United States until his sentencing.
â Following this agreement with the US Department of Justice (DOJ), CZ stepped down as CEO of Binance, leaving management to Richard Teng. Binance now finds itself under rigorous surveillance by the country's federal authorities.
â Currently out on $175 million bail, CZ is barred from returning to his residence in the United Arab Emirates. The former Binance executive faces a prison sentence of up to 18 months.
â The US court's approval of the guilty plea of ââChangpeng Zhao, alias CZ, marks a decisive shift in the regulation of cryptocurrencies. With a sentence scheduled for February 2024, this judgment comes at a crucial time when the sector is experiencing an intensification of its regulation in the United States.
â Regulators are increasing their surveillance and vigilance in a market which, for a long time, has operated in a certain legal ambiguity. This step therefore represents a significant change in the way in which the authorities approach and regulate the world of cryptocurrencies.
