Binance founder Changpeng Zhao sentenced to four months in prison

[Charles-Tim]

Some people thought it could be up to 18 months when it has been known he was going to be sentenced in 2024. Some prosecutors demanded for 3 years sentencing, but he was only sentenced to 4 months in prison.

https://www.theverge.com/2024/4/30/24140638/binance-founder-changpeng-zhao-sentence-money-laundering

I guessed as much but I was expecting 6 months of sentence.

[Baofeng]

As others might have to say, this is just a slap on the wrist.

The judge though could be sympathetic to CZ obviously because of the light sentence. Maybe he has form his own opinion that CZ didn't do it deliberately with regards to money laundering or not have a program in Binance to prevent it. And he pleaded guilty and we all know that in US justice system, admitting to it and there could be some plea deals from behind.

To let's say compare to SBF which we see that he knows what he is doing, but ignore everything and play God mode with his customers money.

[Stompix]

As I said a few days ago, the lighter the sentence the more likely he gave them everything and ratted everyone

Judge Richard Jones told Zhao that there were a number of mitigating factors in his sentencing, including that he had cooperated with law enforcement.

I'm really curious if after 4 months he will just go underground and stop every social media interaction, much like Jack Ma did when China got angry at him.
Time will tell, either way, there was no chance he would face the maximum prison term, after all, he came willingly to the US to be prosecuted.

[Uruhara]

Actually, this is also something we must have guessed beforehand. And I personally welcome this very positively. Because even though CZ is no longer a Binance holder, his name is still always a name that crypto lovers follow. So if severe punishment happens to CZ then it can also be bad news for people who always follow CZ. CZ made a good move by admitting early on and helping law enforcement very well. So his legal process can indeed be lighter.

[TomPluz]

I am very sympathetic to CZ on his case in USA and I was actually sad of learning that he is facing some possible jail time...now when the sentence finally came there is a big sigh of relief that it is just actually just four months. Of course, there can be some other penalties included that can affect how he can do business in USA however the most important thing is that CZ is not getting what SBF received. I am sure that the whole cryptocurrency industry is rejoicing with this bittersweet moment of CZ though, of course, we believe that the case should have never brought on against this pioneering figure that contributed a lot to the industry's development.

[dkbit98]

Some people thought it could be up to 18 months when it has been known he was going to be sentenced in 2024. Some prosecutors demanded for 3 years sentencing, but he was only sentenced to 4 months in prison.

And with good behavior we could see him released even earlier, unless someone suicide him before that
Let's wait and see their verdict, but I heard that other countries like Canada are also looking for him, maybe he can choose better prison.
This should be a lesson to everyone who has any connection with US, get out of there asap.

[Gurujebs]

Actually, this is also something we must have guessed beforehand. And I personally welcome this very positively. Because even though CZ is no longer a Binance holder, his name is still always a name that crypto lovers follow. So if severe punishment happens to CZ then it can also be bad news for people who always follow CZ. CZ made a good move by admitting early on and helping law enforcement very well. So his legal process can indeed be lighter.

Nobody will ever rule Binance accurately like the way CZ has done all this years, is it the influence? The transparency and support? He has everything and that's why the new CEO is not influencing the recent bull run like CZ,  a tweet from CZ gives people confidence and gives hope even when th crypto is bleeding.

I believe he might not publicly be the CEO when he is finally out of Jail but all the moves will be done by him silently because only him understand the dynamics of Binance from when it was launched and to where it is right now.

[robelneo]

This is the kind of sentence that you'll get if you fully cooperate with the US, this is like a slap in the wrist and it's like CZ goes on a vacation, I don't know if this is a bad precedent for people who do money laundering.
After CZ finishes his prison sentence, he could go back to managing his businesses but with restrictions as the government will watch him because of his record.

[Agbe]

I believe he might not publicly be the CEO when he is finally out of Jail but all the moves will be done by him silently because only him understand the dynamics of Binance from when it was launched and to where it is right now.

Exactly when he finally served the jail term completely and come out, and as the founder and co worker of the company, he will not just abandon the company like that though he might not work directly with them but he will work from home. I was also thinking that he would be jailed for years and they only sentenced him for four months, he has luck and one thing is that since he agreed that he was guilty of the crime and didn't deny it so they reduced the jailed term for him. And after then will let him go and told him to sin no more  . The role he is going to play , he is to develop Binance, and to monitor the company and will be a consultant.

[Aanuoluwatofunmi]

Some people thought it could be up to 18 months when it has been known he was going to be sentenced in 2024. Some prosecutors demanded for 3 years sentencing, but he was only sentenced to 4 months in prison.

https://www.theverge.com/2024/4/30/24140638/binance-founder-changpeng-zhao-sentence-money-laundering

I guessed as much but I was expecting 6 months of sentence.

Why is there no bail time for this same man, he has done nothing wrong despite all the accusations, what they could have done is to make allegations on how Bitcoin has been used by some people and not to arrest him because exchange are not mixers and they have their regulations which counter some effects of anything related to money laundering, what is the use of their KYC and and the exchange AML security alert, I think they want more of using Binance for achieving some of their hidden agendas which seems not to turn out as expected.

[Lucius]

Every judge in the US had exactly $4.3 billion reason to sentence him as little as possible, because it's no secret that money and snitching make a winning combination, especially when it comes to the US judiciary. Considering how long CZ danced on the thin line between legality and illegality, all that he paid in money and a little time behind bars is a small price for what he should realistically get.

What needs to be admitted is that CZ is not one of those losers who don't know how to play the game, of course I mean people like Bankman or Do Kwon.

[Learn Bitcoin]

Do you think this sentence affects the crypto market even though CZ is no longer directly involved with Binance? I know he has a significant share of Binance, but he is not in management for now (if I am not wrong). The Bitcoin market has been in a downtrend for the last six days, and we have been down 15% since last week. 5% of it happened only yesterday.

I know that the ETF market movement is the most affected now, but I want to believe that this sentence also affected the Bitcoin market. If you think this sentence does not have an effect, why do you think so? 

[Charles-Tim]

Let's wait and see their verdict, but I heard that other countries like Canada are also looking for him, maybe he can choose better prison.

If I can recall correctly, United States sued not just Binance but also the former CEO and the founder, CZ. I do not think Canada sued CZ but Binanace instead for violation of local securities laws. That Binance sold crypto derivative products to Canadians. I am expecting Binance CEO or a representative to be the one to handle the case instead and should not be about CZ prosecution.

[NotATether]

As I said a few days ago, the lighter the sentence the more likely he gave them everything and ratted everyone

I wonder if this means that SBF and co. will get even longer jail sentences as well as everyone else who Binance dealt with who has now been arrested.

Judge Richard Jones told Zhao that there were a number of mitigating factors in his sentencing, including that he had cooperated with law enforcement.

I'm really curious if after 4 months he will just go underground and stop every social media interaction, much like Jack Ma did when China got angry at him.
Time will tell, either way, there was no chance he would face the maximum prison term, after all, he came willingly to the US to be prosecuted.

Why would he do that though. As far as I know, he's not a representative of China's tech industry so he would have nothing to fear from them. And obviously he is not scared of the United States either as Binance is not even based there.

[ABCbits]

Judge Richard Jones told Zhao that there were a number of mitigating factors in his sentencing, including that he had cooperated with law enforcement.

I'm really curious if after 4 months he will just go underground and stop every social media interaction, much like Jack Ma did when China got angry at him.
Time will tell, either way, there was no chance he would face the maximum prison term, after all, he came willingly to the US to be prosecuted.

US government is less authoritarian than China government, so i doubt it's happening. And i don't even remember CZ insult US government directly. So i expect he'll back active on social media.

This is the kind of sentence that you'll get if you fully cooperate with the US, this is like a slap in the wrist and it's like CZ goes on a vacation, I don't know if this is a bad precedent for people who do money laundering.
After CZ finishes his prison sentence, he could go back to managing his businesses but with restrictions as the government will watch him because of his record.

But i wonder how many people who do money laundry actually can receive light prison time and small fine (compared to what they earned).