CZ: I Will Do My Time — Crypto Industry Has Entered a New Phase

[sirty143]

Former Binance CEO CZ: I Will Do My Time — Crypto Industry Has Entered a New Phase

Former Binance CEO Changpeng Zhao (CZ) has expressed his gratitude to the crypto community for their support following his four-month U.S. prison sentence for pleading guilty to money laundering charges... See more for yourself here.

Your opinion is greatly appreciated.

[TomPluz]

I think CZ is right with his perspective that the cryptocurrency industry is now entering a new phase where compliance and the role of the government are taking the centerstage. In other words, there is now nothing we can do that the government will not be involved somehow, someway. and this should be the time for the industry to think hard as the government will not go away no matter what we do...they are here to stay so there is no choice but to comply and even partner with the government so that platforms can continue doing business and never be prosecuted and like CZ meted a prison time sentence.  Anyway, I am still happy that CZ got only 4 months which is significantly lower than what the government prosecutors were asking the court. Four months can easily fly and soon he will be out with all the lessons learned...and enjoy a comfortable life somewhere with his loved ones as he is surely a very rich man.

[Baofeng]

I think CZ is right with his perspective that the cryptocurrency industry is now entering a new phase where compliance and the role of the government are taking the centerstage. In other words, there is now nothing we can do that the government will not be involved somehow, someway. and this should be the time for the industry to think hard as the government will not go away no matter what we do...they are here to stay so there is no choice but to comply and even partner with the government so that platforms can continue doing business and never be prosecuted and like CZ meted a prison time sentence.  Anyway, I am still happy that CZ got only 4 months which is significantly lower than what the government prosecutors were asking the court. Four months can easily fly and soon he will be out with all the lessons learned...and enjoy a comfortable life somewhere with his loved ones as he is surely a very rich man.

Yeah, and its just over 10 years for crypto industry and yet government are already hot on it's tail with this compliance and regulations and then with central bank digital currency (CBDC).

The impact that Satoshi is really far fetching effect, now we have the head of the biggest crypto exchange established in 2017 being punished found guilty and will have to face jail time. And in just short amount of time, the landscape is really changing and it's hard to see what will be the environment in the next 10 years.

[RidwanMalik]

Former Binance CEO CZ: I Will Do My Time — Crypto Industry Has Entered a New Phase

Former Binance CEO Changpeng Zhao (CZ) has expressed his gratitude to the crypto community for their support following his four-month U.S. prison sentence for pleading guilty to money laundering charges... See more for yourself here.

Your opinion is greatly appreciated.

Tough news, but at least it's only 4 months. Apparently, even the judge was impressed by all the support CZ got in court. The guy built this whole thing from scratch, still runs it...he's really taking one for the team with Binance.

[Faisal2202]

CZ is a strong dude, the way he is accepting his mistakes and showing the positive side of the story, I admire it. Because in such a situation, a person who has lots of funds and is rich (basically) it's hard for such persons to make such statements. He still believes in crypto, (although it's his empire) and he looks forward to how he can do his time and get back into the game after 36 months. As in my OP, 36 months is not a big deal for CZ as he is strong.

But the fine is a little hard although I think CZ can manage that too. I like his positive thinking and how he arranged words so the investors and users of his platforms wouldn't leave him behind. As his work depends on the trust that his customers have in Binance and CZ. Otherwise, CZ doesn't stand a chance and Binance does as well. But it shows the big hand of Binance in the market as it dominates many exchanges.

[robelneo]

Tough news, but at least it's only 4 months. Apparently, even the judge was impressed by all the support CZ got in court. The guy built this whole thing from scratch, still runs it...he's really taking one for the team with Binance.

CZ is taking it positively he should be he got the support of the community, and after his vacation, he will be better and wiser he stated that Crypto is entering a new phase I believe he is too entering a new phase in his new role when he comes out in his vacation.
I believe CZ will have a very important role when he gets out, he is still respected and whatever moves and action he will do the community will support him.

[Rruchi man]

It is easy to agree to do time when you know you are just going to be there for four months. If it were a longer sentence, CZ may not have willingly accepted the time.

.. he stated that Crypto is entering a new phase I believe he is too entering a new phase in his new role when he comes out in his vacation

The new phase means that they have been used as examples by the government, so the next phase will be a phase were CEO's or exchanges and other crypto related platforms will be more aware that there will always be a chance of government scrutiny, and so will always try to do things rightly to avoid being used as examples. The next phase, we will have wiser investors and wiser CEO's.

[Zed0X]

CZ is a strong dude, the way he is accepting his mistakes and showing the positive side of the story, I admire it. Because in such a situation, a person who has lots of funds and is rich (basically) it's hard for such persons to make such statements. He still believes in crypto, (although it's his empire) and he looks forward to how he can do his time and get back into the game after 36 months. As in my OP, 36 months is not a big deal for CZ as he is strong.

I'm quite dumbfounded at how you guys are still praising him. Are you a Binance user? CZ most likely sold you (and thousands of users) out already in exchange for his light sentence. He's not strong but wise enough to bend to authorities because there was a strong evidence against him. He's obviously happy that he got only 4 months that's why he can speak positively about his situation.

[Lucius]

I'm quite dumbfounded at how you guys are still praising him. Are you a Binance user? CZ most likely sold you (and thousands of users) out already in exchange for his light sentence. He's not strong but wise enough to bend to authorities because there was a strong evidence against him. He's obviously happy that he got only 4 months that's why he can speak positively about his situation.

Over the years, I got the impression that the majority of the crypto community in CZ sees some kind of savior of the world who, in addition, fights against the system by enabling people to trade with cryptocurrencies without KYC, which was the case with his CEX for a long time. When someone creates such an image of himself and allows people to profit from it, they will stand by him regardless of how serious the accusations are.

As I already wrote, 4 months is the sentence you buy if you pay a $4+ billion fine - and money is obviously the most powerful weapon you can have in the US, and of course the fact that you are ready to snitch on everyone around you.

[Faisal2202]

I'm quite dumbfounded at how you guys are still praising him. Are you a Binance user? CZ most likely sold you (and thousands of users) out already in exchange for his light sentence. He's not strong but wise enough to bend to authorities because there was a strong evidence against him. He's obviously happy that he got only 4 months that's why he can speak positively about his situation.

I didn't mean to praise him but admire (same thing😁) the words he is using while in such a situation. I don't know the reason you saying he sold us out. It would be great if you could shed some light on it. As I do use Binance, not a fan but a user, I don't judge people by a few words of them, actually, I have seen how Binance has dealt with SEC and other authorities. And how the SEC has made them leave the US region. I mean in my POV they manipulated things so that Binance would comply with them fully which is not beneficial for them and now SEC is going after every other CEX.

Which in the long run is a good thing no doubt. Well, I would like to know about those strong evidences, besides the ones that proved his exchanges were used to send funds to Gaza and Hamas and then tagged as terrorist funding. I am not a follower of some CEX I have to be open minded otherwise we lose funds

[Captain Corporate]

Are we entirely sure that he is going to serve his 4 month prison time in actually prison? I feel like when someone does something and its that small, usually they end up turning that into money fine and some community service thing to make sure that the prison isn't crowded. Not sure if it will be in USA neither, but assuming it is so, we are talking about literally crowded so much that they have for profit prisons in that nation, the government didn't had enough budget to build enough prison to keep all those criminals, imagine how many criminals are there. So 4 months feels like absolutely nothing, and he should not be jailed at all.

[bhadz]

Hate it or not, CZ did really contributed to the crypto market a lot. I am not defending him with the case that he's doing and we're not tolerating money laundering and other illegal activities but, we should also look to the contributions that he did.
Well, 4 months seems to be long for the very first days but as time passes by, the days are quickly passing by when he's got something to get busied with inside.

[trendcoin]

I think CZ has made a positive contribution to the cryptocurrency ecosystem. Centralized exchanges have always been prone to big problems. He managed a centralized exchange in the best way possible. However, we cannot consider the money laundering allegations he admitted as normal. It was a good decision to punish him. However, I find it a bit funny that he was only sentenced to 4 months in prison. I'm sure the court's verdict made CZ the happiest.