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(https://i.ibb.co/bQ5Q7L3/cz-binance.jpg)
Judge orders Binance CZ founder to surrender his passport - he faces up to 18 months in prison.
How beautifully the US took out Coinbase's main competitor right before the bullrun. Coincidence, of course.
Source link: https://www.wsj.com/livecoverage/cpi-report-today-inflation-stock-market-03-12-2024/card/binance-founder-must-surrender-passport-judge-orders-4LG328V5oubRkzZdnRgn
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How beautifully the US took out Coinbase's main competitor right before the bullrun. Coincidence, of course.
Why does it have to be attached to some conspiracy sh*t? He might have been targeted but you have to remember that CZ pleaded guilty. His team probably didn't think they could win the case because of the overwhelming evidence against him. Sometimes you have to be open to the idea that he was actually guilty.
Coinbase was also sued.
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Why does it have to be attached to some conspiracy sh*t? He might have been targeted but you have to remember that CZ pleaded guilty. His team probably didn't think they could win the case because of the overwhelming evidence against him. Sometimes you have to be open to the idea that he was actually guilty. Coinbase was also sued.
Because I don't believe in coincidences. If they wanted to, they would have shut it down years ago. Even then, there was a reason. CZ - rather hoped that he could pay off/influence the course of his personal case in some way. Alas, his story will probably end up in prison. I'm not surprised, though. He didn't need to drown his counterpart, Sam.
P.S. Even if Coinbase has problems. Note that there is no mention of them on the Internet. However, they are not so big compared to the news and CZ + Binance. Either way, time will tell how the course of events will play out. 8)
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I don't understand why CZ moved to United States from all the places on earth that are more crypto and regulations friendly ::)
I understand he tried to go the legal route with BinanceUS, but I think they want to make an example from him.
Centralized exchanges targeting is going to continue in future, so better be prepared and get used to using alternatives.
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^ agree. of all place why US. i think he was trying to prove he isn't connected to the CCP but he still end up like the rest. if they are up to get you, they'd get you by hook or by crook.
and he could really die out there with note that he hang himself with his shoe lace.
its not coincident. so many weird things happening in the world today. even the whistle blower of Boeing died after testifying. this has got to be the most coincident if not planned. and then there are 2 binance executive in Nigeria being held hostage by the Nigerian security services.
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I don't understand why CZ moved to United States from all the places on earth that are more crypto and regulations friendly ::)
He didn't move to the US.
He surrendered voluntarily for the investigation, he knew what his exchange was accused of, and he knew he would face an international arrant on his name so he went by himself back in November to the States and surrendered the next day.
Unlike other morons, he knew that it was time to stop playing games or things will get uglier!
and he could really die out there with note that he hang himself with his shoe lace.
Why would he do that and why would the US execute him?
There is simply no need for that, they can seize Binance's papers whenever they want if they truly needed and if it was something that important do you think they would have waited for years?
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He didn't move to the US.
He surrendered voluntarily for the investigation, he knew what his exchange was accused of, and he knew he would face an international arrant on his name so he went by himself back in November to the States and surrendered the next day.
As if they could arrest him in China and send to US :o
Nobody got anything good in return by being nice and kissing government asses.
You can't compare him with US citizens and other people that live in west with someone from China.
I am not supporting CZ in any way, but I am not doing it for corrupt governments also.
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As if they could arrest him in China and send to US :o
Well, he fled China the second time in his life when the laws against crypto were passed and after saying he will never set foot there again I doubt he would have had a better life than in the US, just looking at Jack Ma tells me it's still better to be on the blacklist of the US than China!
You can't compare him with US citizens and other people that live in west with someone from China.
Hmm, depends, he fled China for Canada when he was 12 and returned to Shanghai 15 years ago while still keeping his Canadian citizenship, so...if he Chinese or is he Western?
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CZ already made the first mistake of his life by his decision in going to United States and staying there for his business, he should have known this before now that when they were unable to attack bitcoin, all they could do is to cripple all the centralized exchanges like that have the reputation in hand to encourage the use of bitcoin and other currencies in crypto, that is why they targeted him, has he ever thought of not being tricked or attacked, maybe he was dreaming then because US will perform every necessary search on him till they caught him.
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Hmm, depends, he fled China for Canada when he was 12 and returned to Shanghai 15 years ago while still keeping his Canadian citizenship, so...if he Chinese or is he Western?
Canada turned into biggest shithole and one of the worst places in the world, it's competing with China who is going to be more communist country.
And it's obvious to everyone that CZ is Chinese, even if he moves to India or Africa, he is Chinese and speaks their language.
Important thing why US is keeping CZ can be found if we look at Bitcoin richlist, and we see Binance with 248,597 BTC:
https://bitinfocharts.com/top-100-richest-bitcoin-addresses.html
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Important thing why US is keeping CZ can be found if we look at Bitcoin richlist, and we see Binance with 248,597 BTC:
https://bitinfocharts.com/top-100-richest-bitcoin-addresses.html
Customer funds, not Binance's funds!
Coinbase has 1 million in it's custodial service and Blackrock has more also, added in just a few months.
Besides, the US government could easily hold just as much as they prepare to auction billions, they haven't seized FTX funds or a ton of others, they even didn't seize Bitfmex despite sentencing Hayes to what, 6 years of home detention?
Canada turned into biggest shithole and one of the worst places in the world, it's competing with China who is going to be more communist country.
Speaking as a Canadian?
Weird that the Chinese flee to Canada while no Canadian flees to China!
30,000 Chinese fleeing to Canada, more than 37,000 Chinese arrested for illegally crossing the border of the US in 2023!
And it's obvious to everyone that CZ is Chinese, even if he moves to India or Africa, he is Chinese and speaks their language.
So Arnold Schwarzenegger will always be an Austrian, just like Bruce Willis German right? ;D
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I never saw it as like that where there would be someone benefitting from the banning of an exchange. I do imagine that it's still up to the best platform that could give the best for members.
I have read that the approach of Coinbase is to not offer their coin or something so that they don't have to get questioned or something. That's why $AERO has been used for their DEX. It seems like a great deal as well for them.
Anyway, the one exchange who would make the best decision would probably win over the users. ;D
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Customer funds, not Binance's funds!
Who owns the keys for those coins?!
Not your keys, not your coins... remember MtGox and all other hacked exchanges.
Coinbase has 1 million in it's custodial service
That is exactly why they are the target for US government, and they just lost a case recently.
Speaking as a Canadian?
Speaking as someone who knows people who live or lived in that shithole, but I didnt say China is any better, especially not for foreigners.
So Arnold Schwarzenegger will always be an Austrian, just like Bruce Willis German right? ;D
Bruce Willis was half German only, and Artnold can't speak proper English language even today, but I guess you never heard about changing of citizenship in your life ::)
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Who owns the keys for those coins?!
Not your keys, not your coins... remember MtGox and all other hacked exchanges.
Coinbase has 1 million in it's custodial service
That is exactly why they are the target for US government, and they just lost a case recently.
And, as days are passing do you see them grabbing those coins?
Did they make a move on seizing any of Binance or Coinbase assets?
Again, why did they not seize Bitmex when Arthur Hayes did the same thing as CZ, came to the US, got arrested on same charges got sentenced, got out, Bitmex is still there.
Speaking as someone who knows people who live or lived in that shithole, but I didnt say China is any better, especially not for foreigners.
Personal opinions of a guy who told a guy is hardly relevant and you know that too well.
For some dogecoin is a meme shitcoin and for others ethereum is better than bitcoin, with cardano and solana being better than all.
Yet you still have 40 000 chinese getting to Canada each year among hundred thousands others I doubt you have 40 000 friends leaving Canada that shithole each year.
Bruce Willis was half German only, and Artnold can't speak proper English language even today, but I guess you never heard about changing of citizenship in your life ::)
So they are still....half german and also half german (austrian , lol) or half american
Since you mentioned speaking proper, you probably know Darkstar is also chinese-canadian but he couldn't write chinese, so what is he? 8)
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U.S. prosecutors are seeking a three-year prison sentence for Binance founder Changpeng Zhao - the court hearing will be held on April 30, Zhao himself agrees to pay a $50 million fine.
Recall that Binance will pay a fine of $4.3 billion as part of the deal with the U.S. Department of Justice.
P.S. Who has any thoughts? Is CZ really going to go to jail?
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P.S. Who has any thoughts? Is CZ really going to go to jail?
Jail? I don't think so!
I doubt the 26 months, that's the max the DoJ can ask, so probably since CZ came on his own and surrendered he might get away with 18 months, of full collaboration which means sharing all the data, and he would get away with house arrest and curfew for another period, maybe 12 plus 12 so they would keep him quasi-free but confined to the US.
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Jail? I don't think so!
I doubt the 26 months, that's the max the DoJ can ask, so probably since CZ came on his own and surrendered he might get away with 18 months, of full collaboration which means sharing all the data, and he would get away with house arrest and curfew for another period, maybe 12 plus 12 so they would keep him quasi-free but confined to the US.
Binance founder and ex-CEO Changpeng Zhao apologized for “bad decisions” and took “full responsibility” for his actions in a letter to the judge.
CZ Speech: “There is no excuse for my failure to put in place the necessary compliance controls at Binance,” Zhao wrote to Judge Richard Jones.
He assured that this would be his “only encounter with criminal justice.” In addition to Zhao's motion, the court received 161 letters requesting leniency from family, friends and others.
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Binance founder and ex-CEO Changpeng Zhao apologized for “bad decisions” and took “full responsibility” for his actions in a letter to the judge.
CZ Speech: “There is no excuse for my failure to put in place the necessary compliance controls at Binance,” Zhao wrote to Judge Richard Jones.He assured that this would be his “only encounter with criminal justice.”
Yeah, he's on all fours and begging for mercy, probably some fans were cheering for him when he was saying that Binance is global, it needs no headquarters, it needs no approval, its the embodiment of freedom are quite surprised but this is typically CZ, when it trouble he will throw everyone under the bus to save himself.
I have like zero doubts that one tiny bit of data that was on Binance servers has escaped the US agencies, probably they now have everything, from the ID to your p2p deals, from payments for promotions to all the pump and dump trades, and of course, all the internal emails, so an old of developers will be the next in line!
If CZ gets a slap on the wrist then he has sold out, if he will get indeed 36 months in jail and not a LLS facility then maybe thy haven't got everything out of him.
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Yeah, he's on all fours and begging for mercy, probably some fans were cheering for him when he was saying that Binance is global, it needs no headquarters, it needs no approval, its the embodiment of freedom are quite surprised but this is typically CZ, when it trouble he will throw everyone under the bus to save himself.
I have like zero doubts that one tiny bit of data that was on Binance servers has escaped the US agencies, probably they now have everything, from the ID to your p2p deals, from payments for promotions to all the pump and dump trades, and of course, all the internal emails, so an old of developers will be the next in line!
If CZ gets a slap on the wrist then he has sold out, if he will get indeed 36 months in jail and not a LLS facility then maybe thy haven't got everything out of him.
I have 2 versions on CZ:
1. That he will be given some small term, they will say that he has already served it under house arrest and will be released. (This version includes the fact that he paid a 4-yard fine and transferred all the reserves of the exchange to USDC).
2. There is also a conspiracy theory that he will be locked up for such a period of time that he did not interfere with BlackRock to make bullrun in 24-25. So that they will be the only ones who can push the bitcoin to 300k and drop it to 50k. (Then in this version CZ should go to jail until about the middle of the 25th year, I think by this time the bullrun will be over, or by the years that he will be given it will be possible to determine the end of the bullrun and sell everything months 2-3 months before this date).
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The hearing on the case of Changpeng Zhao, the former head of Binance, has begun - the prosecution is asking for up to 3 years in prison, the defense is seeking house arrest.
Zhao previously pleaded guilty, agreed to pay $50 million in fines and voluntarily came to the court session from the UAE to the U.S., from where he has been barred from leaving since his arrival, even on the terms of a large bail.
P.S. Who has any thoughts? Do you think CZ will go to jail or will he get off lightly?
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Changpeng Zhao entered the courtroom with his legal team - dressed in a dark blue suit with a blue tie and looking tense. The courtroom is packed, and CZ's defense is asking for probation
The judge disagrees with the DOJ's request to increase the sentence from 18 months to 3 years.
Says the judge: "There is no evidence that the defendant was ever informed of the illegal activity."
(https://i.ibb.co/xSBPcjc/photo-2024-04-30-20-25-09.jpg)
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I don't know if it is possible to pay a fine (even a large one) to avoid those 18 months in prison, since I don't know the United States penal system. But unfortunately, if it is not possible to solve it with a fine, I think CZ will go to prison. They are very clear about where they are aiming, and are the best-known figures in the cryptocurrency industry, I think someone in that country might call it a witch hunt. Whatever happens, it is clear (as I said in another post) from which country the decisions are orchestrated, which may be other countries, on other continents, can imitate later.
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I have 2 versions on CZ:
1. That he will be given some small term, they will say that he has already served it under house arrest and will be released. (This version includes the fact that he paid a 4-yard fine and transferred all the reserves of the exchange to USDC).
2. There is also a conspiracy theory that he will be locked up for such a period of time that he did not interfere with BlackRock to make bullrun in 24-25.
Seems like you missed by not picking the middle one, I'm still of the opinion he got easy because he told the feds everything, maybe even handed them all the user data.
I don't know if it is possible to pay a fine (even a large one) to avoid those 18 months in prison, since I don't know the United States penal system. But unfortunately, if it is not possible to solve it with a fine, I think CZ will go to prison.
No, you can't.
Those were different things, you can plead guilty, accept the fine, and then the judge finds you not guilty, but the fine will still be valid since you accepted it in the plea agreement, once you enter one there is no turning back, you can't even try to oppose the sentence and demand a re-trial, CZ new that and he accepted it from the start.
That's one of the reasons he got only 4 months, normally you get less than half of the maximum when you enter a guilty plea agreement.
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They keep changing and reducing CZ sentence and time he needs to spend in jail from several years to only few months.
This could mean that he decided to work with officials and reveal information about everyone else who was involved with him.
Expect to see a lot more arrest news soon, this circus won't end up with CZ.
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No, you can't.
Those were different things, you can plead guilty, accept the fine, and then the judge finds you not guilty, but the fine will still be valid since you accepted it in the plea agreement, once you enter one there is no turning back, you can't even try to oppose the sentence and demand a re-trial, CZ new that and he accepted it from the start.
That's one of the reasons he got only 4 months, normally you get less than half of the maximum when you enter a guilty plea agreement.
Thanks for the information, I was completely unaware of what the process was like. From what you say, CZ cannot avoid jail time, but he can at least reduce the length of the sentence.
I guess it's the best deal CZ can get, but it still seems abusive considering he has always cooperated with justice. We'll see what finally happens when this is all over.
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The court hearing has been completed. Binance founder Changpeng Zhao sentenced to 4 months in prison.
Changpeng Zhao wrote an open letter to the community:
"I would like to thank everyone for your concern and support, whether it be writing letters, X posts, or in any other form. It all means a lot to me and makes me strong. I will serve my time, complete this phase and focus on the next chapter of my life (education).
I will remain a passive investor in the cryptocurrency industry (and a hodler). Crypto has entered a new phase. Compliance is now super important.
The major upside to this whole process is that Binance has been under the microscope. Which means users' funds are SAFU.
Protect the users!"
(https://i.ibb.co/dD2SXCQ/photo-2024-05-01-08-58-56.jpg)
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Thanks for the information, I was completely unaware of what the process was like. From what you say, CZ cannot avoid jail time, but he can at least reduce the length of the sentence.
I guess it's the best deal CZ can get, but it still seems abusive considering he has always cooperated with justice. We'll see what finally happens when this is all over.
In the early years, CZ and his Binance didn't actively cooperate with the regulators, and he started to do so only after the regulators became interested in him and put pressure on him. On the whole, I would say that CZ was lucky in this trial because the judge was more or less loyal and rejected the main demands of the DOJ. In fact, the 4-month jail sentence looks like trolling by the judge as it's symbolic of that famous picture of CZ.
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In the early years, CZ and his Binance didn't actively cooperate with the regulators, and he started to do so only after the regulators became interested in him and put pressure on him.
Binance couldn't cooperate with regulators when there was no crypto regulations at all in early days :P
I don't think CZ was lucky at all, he just had enough money to pay so they could give him minimal prison time.
Anyone who owns a lot of bitcoin will be a target sooner or later.
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In the early years, CZ and his Binance didn't actively cooperate with the regulators, and he started to do so only after the regulators became interested in him and put pressure on him. On the whole, I would say that CZ was lucky in this trial because the judge was more or less loyal and rejected the main demands of the DOJ. In fact, the 4-month jail sentence looks like trolling by the judge as it's symbolic of that famous picture of CZ.
Who would have thought congress would be interested in that case, they already made a settlement for $4B and that's why even him became less worried but coincidentally, FTX case became the next big thing and I thing it will looks impartial to free CZ just like that and they pin him down and postponed his case until FTX was complete.
Even this 4 month is just an eye seriousness to jail him for 4 months so that people will think US is very strick with money laundering and other cases against him else I see nothing significant here.
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In the early years, CZ and his Binance didn't actively cooperate with the regulators, and he started to do so only after the regulators became interested in him and put pressure on him. On the whole, I would say that CZ was lucky in this trial because the judge was more or less loyal and rejected the main demands of the DOJ. In fact, the 4-month jail sentence looks like trolling by the judge as it's symbolic of that famous picture of CZ.
As a Binance user, I believe that 4 months in prison would be an appropriate sentence for CZ. This is because CZ has been actively cooperating with the US DOJ, and Binance CEX has not engaged in any fraudulent activities against its users. CZ is not Sam Bankman-Fried, and a harsher sentence, such as 18 or 36 months in prison, would be excessive. Binance continues to operate and is actively complying with regulations.
More importantly, a lenient sentence for CZ would help to reduce negative sentiment in the crypto market, which could further worsen the price charts. We have already had enough bad news related to lawsuits, inflation, and war. A market correction is necessary, but it should not be a severe decline due to news related to CZ sentence.
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In the early years, CZ and his Binance didn't actively cooperate with the regulators, and he started to do so only after the regulators became interested in him and put pressure on him.
Binance couldn't cooperate with regulators when there was no crypto regulations at all in early days :P
I don't think CZ was lucky at all, he just had enough money to pay so they could give him minimal prison time.
Anyone who owns a lot of bitcoin will be a target sooner or later.
Or he did turn out to be a whistle blower, giving all the government want they wanted as far as Binance transactions goes and where this money being laundered. So in short he open his book to them.
So it's obvious that it's not about his Bitcoin, they have been suspecting Binance as well catering to this criminals and the US government wanted to get their hands on those info.
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Or he did turn out to be a whistle blower, giving all the government want they wanted as far as Binance transactions goes and where this money being laundered. So in short he open his book to them.
Well that is obvious.
You kind a have to give up your money and information you have to the government agency, and than they reduce your sentence.
We have many examples from other cases to prove that, and it doesn't really matter if you are actually guilty some something or not.
And it is about his Bitcoin, it is about everyone else Bitcoin also.