Yesterday, the media reported a lot about the trial memorandum, and there were many moving descriptions of CZ. I remembered the record of the incident in November.

In the early hours of last night, the dispute between Binance and the US Department of Justice came to an end. Here are some key points summarized by the author.

1. CZ, who has been in charge of Binance for six and a half years, abdicates and is not allowed to participate in Binance operations for three years. His successor is Binance’s former GLOBAL HEAD OF REGIONAL MARKETS, Chinese-American Deng Yongqiang.

2. The settlement agreement also includes the CFTC, but the SEC did not attend, so the civil lawsuit between Binance and the SEC may not have been settled.

3. The accusation against Binance is mainly to allow illegal activities to trade freely without submitting any suspicious transaction activity reports.

4. CZ knew about the U.S. investigation at the end of 2020. The United Arab Emirates, where CZ lives, does not have an extradition treaty with the United States, but CZ still voluntarily chose to face the verdict.

5. CZ proudly announces: The U.S. Department of Justice has not accused Binance of misappropriating funds or engaging in market manipulation. Binance’s funds belong to SAFU.

6.CZ personally can provide necessary consultation to Binance within the framework of judicial resolution in the future, and may make some passive investments in (blockchain/web3/Defi/AI/biotechnology). CZ expressed that he is happy to have more time. Study Defi.

7. Reuters learned that in an agreement between Binance and the U.S. Department of Justice, Binance will pay US$1.81 billion within 15 months and confiscate US$2.51 billion. CZ personally needs to pay US$50 million.

8. The settlement amount between Binance and the Financial Crimes Enforcement Agency is US$3.4 billion, and the settlement amount of US$968 million by the Office of Foreign Assets Control is the largest amount of funds in the history of the United States.