Altcoins Talks - Cryptocurrency Forum
Learning & News => News related to Crypto => Topic started by: Charles-Tim on April 30, 2024, 10:19:15 PM
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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 ;D. The role he is going to play , he is to develop Binance, and to monitor the company and will be a consultant.
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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.
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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.
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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?
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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.
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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.
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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).
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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.
No, it can't! He can't be trailed again on those charges, the DoJ has made it clear and the deal with the extradition would prevent him from having a second trial on any charges, including the ones that the DoJ dropped and did not go on prosecute. Same for the other guys everyone went on a plea deal on the terms they would face only a few charges against them, and the DoJ wouldn't risk making a fool out of them for a few extra months in prison.
The only thing that could bring him in trouble again would be documents revealing a new fraud unrelated to FTX but I really doubt that!
And obviously he is not scared of the United States either as Binance is not even based there.
He was scared enough to come on his own to the US, plead guilty to everything, pay 4 billion, cease every social media interaction since then, and so on.
As for being based there, common, there was a funny map on the net about US jurisdiction, with 800km from anywhere where an aircraft carrier can go! ;D
The guy has billions, do you think he would throw away a life in luxury for himself and three generations when he could simply comply with what the DoJ demands?
Imagine you would have 100 billion, would you risk freedom and life for ...what? Let's be honest about it!
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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.
I don't get why you're sympathetic towards him when he's just one of the many cunning businessman. If you've had your KYC with Binance before the case, most likely all your information and history has been handed out to the US law enforcement or maybe including Interpol. That's probably one of the main reason why he only got a light sentence.
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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.
CZ = Binance 8)
I don't know the exact details about this case, but I know it's not only US and Canada, they have legal problems in Philippines and maybe in some other countries.
Most people in CZ place would do things differently, but it's easy to be the general when the fight is over.
It's not that I am supporting CZ, but how things are going with latest arrests, we could be facing very dark future. :P
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4 months because he cooperated fully with the authorities and paid billions in settlement, i don't think anyone who was interested and followed this case closely would be surprised by the sentencing, maybe he could have got a few months in addition, but that is that.
Who could be next in the list of crypto service owners to be arrested and prosecuted?
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4 months because he cooperated fully with the authorities and paid billions in settlement, i don't think anyone who was interested and followed this case closely would be surprised by the sentencing, maybe he could have got a few months in addition, but that is that.
Who could be next in the list of crypto service owners to be arrested and prosecuted?
If my memory serves me right, SEC has a pending case against Coinbase?
So most likely they will focused their attention against Coinbase, but the thing is that Coinbase is not going to back down from them and even got many support from crypto enthusiast.
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Yes, it is clear that he would have received a reduced sentence from the beginning as a result of his cooperation in the investigation, his admission of guilt, and of course having a lot of money. :-X
His lawyers, experts in American law, must have advised him to cooperate and plead guilty to obtain a reduced sentence, and the huge fine that Binance paid to the US government (4.3 billion) and the 50 million paid by Zhao must have mitigated the anger of the government and the American judges who sympathized with him.
I wonder if Zhao had been a poor man who had no money, would the judges have sympathized with him? :'(
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~snip~
I wonder if Zhao had been a poor man who had no money, would the judges have sympathized with him? :'(
Justice is best served on those who are helpless (poor) and cannot afford expensive lawyers. This is the case in most countries in the world, and it especially applies to cases of a financial nature. But regardless of the fact that the US judge had mercy on CZ, maybe someone else in another country will not be so lenient - because if CZ did business in such a way in the US, what did he do in other countries?
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So most likely they will focused their attention against Coinbase, but the thing is that Coinbase is not going to back down from them and even got many support from crypto enthusiast.
Sure thing.
Coinbase is next and then every other crypto exchange that is operating in United States, probably Kraken and Crypto.com are next on the line for them.
They are really getting serious and they can't have anything messing their plans for CBDC release, that is coming in next few years and I think people are so weak that most wil just accept that junk.
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I wonder if Zhao had been a poor man who had no money, would the judges have sympathized with him? :'(
That is not the case here, a 'poor man' would not own a cryptocurrency exchange that will give him the opportunity to commit the financial crimes that CZ and Binance committed. CZ pleaded guilty, paid billions of $, cooperated with authorities and gave them all the info and data they need, and that is why the sentence was light, it has nothing to do with sympathy from the judges.
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I wonder if Zhao had been a poor man who had no money, would the judges have sympathized with him? :'(
That is not the case here, a 'poor man' would not own a cryptocurrency exchange that will give him the opportunity to commit the financial crimes that CZ and Binance committed. CZ pleaded guilty, paid billions of $, cooperated with authorities and gave them all the info and data they need, and that is why the sentence was light, it has nothing to do with sympathy from the judges.
It seems that you did not realize my hint. I am hinting here at the role of money in the case (under the table). A man who has a lot of money can spend some money to gain the sympathy of officials and even judges.
As you know money drives everything, even the four months that Zhao will spend in prison will most likely be comfortable as he will have all the amenities since he has enough money to live a comfortable life in prison.
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As you know money drives everything, even the four months that Zhao will spend in prison will most likely be comfortable as he will have all the amenities since he has enough money to live a comfortable life in prison.
Sbf is a rich man and he comes from an influential family, but he got 25 years in prison, i know we can argue he should have got more, but if it was all about money then he should have got way less too.
I know the rich and influential can influence judgements in their favor, however, the reason why cz got 'only' four months has been stated in this topic already.
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Sbf is a rich man and he comes from an influential family, but he got 25 years in prison, i know we can argue he should have got more, but if it was all about money then he should have got way less too.
I know the rich and influential can influence judgements in their favor, however, the reason why cz got 'only' four months has been stated in this topic already.
Yes, what you said is true, but you said that he received a reduced sentence, as he was supposed to receive much more than 25 years. Also, according to the latest news, there are negotiations with the SBF now to obtain another reduction in his prison term if he cooperates with the authorities in exposing the celebrities who promoted FTX. In addition, we saw how he spends comfortable times in prison.
However, I am not saying that this always happens, but everywhere there are violations and loopholes of the law and there are always those who exploit them well.
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4 months because he cooperated fully with the authorities and paid billions in settlement, i don't think anyone who was interested and followed this case closely would be surprised by the sentencing, maybe he could have got a few months in addition, but that is that.
Who could be next in the list of crypto service owners to be arrested and prosecuted?
The rich is always the rich. The goal is to extort him and have it in history that he was prosecuted and imprisoned. He corporated with the law enforcement agents as reason to mitigate his punishment is valid, but surely others things happend behind the scene.
CZ is not only an international figure, he is also one of the faces of cryptocurrency. So, any judge dealing with him will have to be very careful, if not for anything, because of posterity.
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Sbf is a rich man and he comes from an influential family, but he got 25 years in prison, i know we can argue he should have got more, but if it was all about money then he should have got way less too.
I dont think he is going to spend 25 years in prison, and he was doing much worse things that CZ did with Binance.
He connected with many politicians, and he gave them free donation money for their campaigns, and they sold him out later.
It is time to see all those politicians in jail.
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I dont think he is going to spend 25 years in prison, and he was doing much worse things that CZ did with Binance.
He connected with many politicians, and he gave them free donation money for their campaigns, and they sold him out later.
It is time to see all those politicians in jail.
Time will tell if those 25 years are a real punishment or just a show for the public - because there is also something called a presidential pardon, and would anyone be surprised if Bankman is released from prison much sooner than anyone hopes? The fact that these politicians did not immediately return the favor does not mean that they will not do so in the future, and perhaps they already partially did, considering what the punishment could have been (100+ years).
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I wonder if Zhao had been a poor man who had no money, would the judges have sympathized with him? :'(
That is not the case here, a 'poor man' would not own a cryptocurrency exchange that will give him the opportunity to commit the financial crimes that CZ and Binance committed. CZ pleaded guilty, paid billions of $, cooperated with authorities and gave them all the info and data they need, and that is why the sentence was light, it has nothing to do with sympathy from the judges.
It seems that you did not realize my hint. I am hinting here at the role of money in the case (under the table). A man who has a lot of money can spend some money to gain the sympathy of officials and even judges.
But it's still the same, a guy like me and you wouldn't have been accused or running an unlicensed exchange, laundered billions, facilitating transfers in billions, and so on, so how would have a poor man been in this situation?
Find one homeless person that was convicted for 25 years in prison for laundering billions and I will agree with you.
Also, according to the latest news, there are negotiations with the SBF now to obtain another reduction in his prison term if he cooperates with the authorities in exposing the celebrities who promoted FTX. In addition, we saw how he spends comfortable times in prison.
This is simply not true.
https://cryptoslate.com/ftx-investors-agree-to-drop-civil-lawsuit-against-sbf-if-he-snitches-on-celebrity-promoters/
This is a civil lawsuit between FTX investors and SBF.
The prison sentence was a criminal case between the DoJ and SBF.
SBF could win every civil case anyone throws at him, it has no impact on the 25 years sentence.
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Also, according to the latest news, there are negotiations with the SBF now to obtain another reduction in his prison term if he cooperates with the authorities in exposing the celebrities who promoted FTX.
No, it is a different case, sbf is going to spend 25 years in jail for certain, if he does not get a pardon sometime in the future. However, the case you refer to is between sbf and ftx investors, in which they have agreed to drop their civil case against sbf if he gives them information that will help them go after celebrities that promoted ftx, i.e. Tom Brady and Shaquille O'Neal.
These investors see better chances of making money from these celebrities, that is why they are ready to drop charges against sbf to go after them, if they get the info they want.
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The case is a "money laundering" case, which Binance already was fined 4 billion dollars for if I am not mistaken, and that seems like quite a lot. I understand that we are not going to end up with anything more than that for Binance. On top of that adding CZ what they consider something "illegal" but quite obviously just what we all do, is the reason why they want him sentenced. I do believe that they are aware that he will not see the inside of any jail or prison for a single day, that is why you could give him 4 months or 4 years or 4 decades, he is rich enough to just stay somewhere safe, and never be bothered by USA, but 4 months will definitely turn to money, its all about the money for USA, they are like the mob, who wants their cut, and if you say no, they will just throw the book at you and find something that sticks.
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This is simply not true.
https://cryptoslate.com/ftx-investors-agree-to-drop-civil-lawsuit-against-sbf-if-he-snitches-on-celebrity-promoters/
This is a civil lawsuit between FTX investors and SBF.
The prison sentence was a criminal case between the DoJ and SBF.
SBF could win every civil case anyone throws at him, it has no impact on the 25 years sentence.
Yes, from what I understand from the article, all civil cases are different from the high-profile criminal case against Bankman-Fried, which has already ended and he was sentenced to 25 years in prison.
So what does SBF stand to gain if he agrees to snitch on celebrity promoters and FTX investors drop the civil suit against him? I mean, are these civil cases going to affect the sentence he got?