Legal experts note that while Zhao’s sentence reflects a departure from the severity of Bankman-Fried’s punishment, it underscores the consequences of regulatory non-compliance in the crypto space.
Browsing: Changpeng Zhao (CZ)
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This announcement comes against the backdrop of recent legal developments that have significantly impacted Zhao’s mobility and operational freedom.
Judge Rules Binance CEO Changpeng Zhao Must Remain In US Until 2024 Sentencing, DoJ Suggests Could Face Ten Years In Prison Despite Plea Deal.
This development not only marks a pivotal chapter in Binance’s history but also signals a seismic shift in the broader crypto world.
The SEC lawsuit accuses Binance and CZ of various violations, including secretly allowing high-value U.S. customers to trade on the Binance.com platform despite claiming otherwise, and exercising control over customer assets, including diverting them to an entity owned by Zhao.
CZ said on August 5 that the company does not own Indian crypto exchange WazirX, a deal that was understood to be completed back in 2019.
Bahrain is the first country in MENA region to grant an in-principle approval to a Binance entity.