Changpeng Zhao is now decided about his fate
The cryptosphere has been anxiously waiting for this moment, and it has arrived. Changpeng Zhao was reportedly due to be sentenced to ten years in prison before a last-minute windfall appeared to vindicate his case. Neither of these options ultimately won out.
Justice has decided: it will be 4 months in prison that the former CEO of Binance will have to serve in the coming months. He will not be immediately taken into custody and the terms of his detention are still being discussed.
Let’s recall that CZ was not accused of money laundering, as some media reported, but for having taken measures considered insufficient to prevent it. Aggravating circumstances include the fact that we were unable to prevent the financing of terrorism through cryptocurrencies.
To find out more: who is Changpeng Zhao?
In the process, he was forced to resign by US regulators. In exchange, Binance could continue to provide its services in the United States.
It’s not over for the main party
After this conviction, Changpeng Zhao’s admirers will not have the pleasure of seeing him return to head Binance. However, the billionaire has not yet said his last word.
He previously announced the creation of a new platform aimed at educating people about cryptocurrencies. However, if we are to believe a report from the New York Times, CZ would have other potential projects in the field of new technologies, especially AI.
At the moment, only simple investments are considered, but who knows, the former industrial giant might want to transform itself?
Moral of the story: old mistakes, even if unintentional, hurt in court.
Disclaimer
Disclaimer: In accordance with The Trust Project guidelines, BeInCrypto is committed to providing unbiased and transparent information. This article aims to provide accurate and relevant information. However, readers are encouraged to check the facts for themselves and seek professional advice before making any decisions based on this content.