Binance CZ founder to surrender passport judge's ruling

[Stompix]

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.

[NikeFit_7777]

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.

[Stompix]

~

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.

[NikeFit_7777]

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).

[NikeFit_7777]

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?

[NikeFit_7777]

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."

[Freemind]

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.

[Stompix]

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.

[dkbit98]

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.

[Freemind]

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.

[NikeFit_7777]

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!"

[dwyane36]

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.

[dkbit98]

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
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.

[Gurujebs]

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.