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Home » CZ hailed by Binance co-founder He Yi for achieving the ‘most favorable result’
CZ hailed by Binance co-founder He Yi for achieving the 'most favorable result'
CZ hailed by Binance co-founder He Yi for achieving the 'most favorable result'

CZ hailed by Binance co-founder He Yi for achieving the ‘most favorable result’

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By admin on 2024-04-18 Regulations Security

Former Binance CEO Changpeng Zhao, also known as CZ, is currently in a favorable situation, as stated by He Yi, the co-founder of the cryptocurrency exchange. CZ is awaiting sentencing in the United States on April 30 for one felony charge. Speaking at the Binance Chinese Meetup during the Token2049 conference in Dubai, Yi addressed concerns about the regulatory status of Binance. Though her exact words were not quoted, Yi mentioned that CZ could face a prison term of up to 10 years when sentenced in the District Court of Western Washington. The recommended sentence in the guidelines is 12 to 18 months. The single charge stems from a settlement in November, which also required the company to forfeit $4.3 billion and led to CZ’s resignation as CEO.

Despite the legal proceedings, CZ is currently free in the United States on a $175-million bond, albeit with travel restrictions. He had sought permission to travel to Dubai, where he resides, on two occasions due to a medical situation involving one of his children. In response, the U.S. Attorney’s Office attempted to seize his passports. CZ holds a Canadian passport and is also a citizen of the United Arab Emirates. Yi, who is the mother of at least two of CZ’s three children, denied being in a romantic relationship with him but acknowledged owning an undisclosed stake in the exchange.

Since CZ’s resignation, Binance has distanced itself from him and appointed Richard Teng, the former head of regional markets outside the United States, as the new CEO. Teng has stressed that Binance operates differently under his leadership. The exchange recently established a board of directors.

Reports have surfaced that Binance obtained a Virtual Asset Service Provider (VASP) license in Dubai on April 18. As part of the licensing conditions, CZ was allegedly required to relinquish his voting rights in the local entity, Binance FZE. However, Binance has chosen not to comment on this claim.

In recent news, there has been an increase in enforcement efforts by US agencies against crypto-related crimes.

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