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Reports have emerged that Binance's founder received a four-month sentence as a result of his legal strategy.
Changpeng "CZ" Zhao, who expressed remorse, was sentenced to four months in prison for his "limited role" in the illegal activities of Binance, the crypto exchange he founded in 2017. Federal Court Judge Richard Jones in Seattle, USA, emphasized CZ's contributions on this issue. Being known as a philanthropist and taking responsibility overshadowed CZ's claim that he had prior knowledge of Binance's intentional wrongdoing.
While the sentence is harsher than the house arrest sought by CZ's lawyers, it is far less than both what the official sentencing guidelines call for and the 36 months sought by U.S. Department of Justice (DOJ) prosecutors. Although it is not known exactly why CZ was sentenced during this period, it is noteworthy that CZ came to be tried of his own free will, choosing to be tried instead of fighting extradition. The lesson here is that it is important to cooperate if you are caught committing a crime.
CZ appears to have developed its strategy after the incident in which Sam Bankman-Fried, founder of rival exchange FTX, pleaded not guilty and was sentenced to 25 years in prison. Of course, unlike Bankman-Fried, CZ's accusations are not about stealing from customers, but about failing to provide the necessary compliance infrastructure.
In addition to the prison sentence he will serve in Washington state, Zhao paid Binance's $4.3 billion settlement agreement and $50 million fine.
It was also stated that CZ may retain ownership shares in Binance. DOJ attorney Kevin Mosley underscored this point: "Violating U.S. law was not incidental to Zhao's plan to make as much money as possible. Violating the law was an inevitable part of that effort."
Family man CZ
Whether you see the punishment as appropriate for the crime or not, Zhao's conduct in court has been quite transparent. Although powerful, Zhao lived a largely private life. Almost no one knew that Zhao had a college-aged son, and dozens of letters written by supporters described him as "a family man."
Zhao's statements in court demonstrated his remorse for his actions (and inactions) and his willingness to take responsibility for mistakes made while running Binance. Meanwhile, as noted by the judge presiding over SBF's case, SBF had never shown "a single sign of remorse for the commission of terrible crimes."
It is important to note that CZ did not step in alone when it came to adapting to the US government, Binance adapted in the same way. Binance, which once boasted of having no central authority, agreed to retain an "independent compliance monitor" to audit transactions occurring on the platform for three years. With this development, important data will be available to government institutions that want to track criminals using blockchain technology.
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