{"id":71426,"date":"2024-02-14T11:48:11","date_gmt":"2024-02-14T15:48:11","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=71426"},"modified":"2024-02-14T11:48:14","modified_gmt":"2024-02-14T15:48:14","slug":"czs-fate-unknown-as-binance-money-laundering-case-postponed","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/czs-fate-unknown-as-binance-money-laundering-case-postponed\/","title":{"rendered":"CZ\u2019s Fate Unknown as Binance Money Laundering Case Postponed"},"content":{"rendered":"\n<p>Changpeng Zhao, better known as CZ, the mastermind behind Binance, is facing a complicated situation. He pleaded guilty to failing to maintain an effective anti-money laundering program at Binance, the world\u2019s largest cryptocurrency exchange, on November 21.<\/p>\n\n\n\n<figure class=\"wp-block-image aligncenter size-full\"><img fetchpriority=\"high\" decoding=\"async\" width=\"1024\" height=\"768\" src=\"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/02\/cz-binance.webp\" alt=\"CZ\u2019s Fate Unknown as Binance Money Laundering Case Postponed\" class=\"wp-image-71428\" srcset=\"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/02\/cz-binance.webp 1024w, https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/02\/cz-binance-300x225.webp 300w, https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/02\/cz-binance-768x576.webp 768w, https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/02\/cz-binance-750x563.webp 750w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>As part of his <a href=\"https:\/\/coinscreed.com\/staging\/binance-ex-ceo-cz-stuck-in-us-after-guilty-plea.html\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">guilty plea,<\/a> he agreed to resign as CEO of Binance and pay a <strong>$50 millio<\/strong>n fine.<\/p>\n\n\n\n<p>Binance also pleaded guilty to conspiring to conduct an unlicensed money transmission business, conducting such business and violating the\u00a0<a href=\"https:\/\/www.law.cornell.edu\/uscode\/text\/50\/chapter-35\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">International Emergency Economic Powers Act.<span class=\"wpil-link-icon\" title=\"Link goes to external site.\" style=\"margin: 0 0 0 5px;\"><svg width=\"24\" height=\"24\" style=\"height:16px; width:16px; fill:#000000; stroke:#000000; display:inline-block;\" viewBox=\"0 0 24 24\" version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:svg=\"http:\/\/www.w3.org\/2000\/svg\"><g id=\"wpil-svg-outbound-7-icon-path\" fill=\"none\" clip-path=\"url(#clip0_31_188)\">\r\n                            <path d=\"M9.16724 14.8891L20.1672 3.88908\" stroke-linecap=\"round\"\/>\r\n                            <path d=\"M13.4497 3.53554L20.5208 3.53554L20.5208 10.6066\" stroke-linecap=\"round\" stroke-linejoin=\"round\"\/>\r\n                            <path d=\"M17.5 13.5L17.5 16.26C17.5 17.4179 17.5 17.9968 17.2675 18.4359C17.0799 18.7902 16.7902 19.0799 16.4359 19.2675C15.9968 19.5 15.4179 19.5 14.26 19.5L7.74 19.5C6.58213 19.5 6.0032 19.5 5.56414 19.2675C5.20983 19.0799 4.92007 18.7902 4.73247 18.4359C4.5 17.9968 4.5 17.4179 4.5 16.26L4.5 9.74C4.5 8.58213 4.5 8.0032 4.73247 7.56414C4.92007 7.20983 5.20982 6.92007 5.56414 6.73247C6.0032 6.5 6.58213 6.5 7.74 6.5L11 6.5\" stroke-linecap=\"round\"\/>\r\n                        <\/g>\r\n                        <defs>\r\n                            <clipPath id=\"clip0_31_188\">\r\n                                <rect fill=\"white\" height=\"24\" width=\"24\"\/>\r\n                            <\/clipPath>\r\n                        <\/defs><\/svg><\/span><\/a>\u00a0The crypto exchange agreed to pay $4.3 billion in fines and restitution as part of its plea deal.<\/p>\n\n\n\n<p>CZ\u2019s sentencing on the money laundering charge has been postponed until April 30. In the meantime, he is free on a not-inconsiderable $175 million bail in the US. This postponement fuels uncertainty not only for CZ but also for Binance. <\/p>\n\n\n\n<p>How will this affect its operations? These unanswered questions may have some in the crypto community worried about their assets on the exchange platform.<\/p>\n\n\n\n<p>However, this extra time could also allow CZ to negotiate a better deal or present additional evidence that would influence his sentencing.&nbsp;<\/p>\n\n\n\n<p>CZ\u2019s attorney, William Burck, has not commented on the continuance, and an explanation from the Justice Department is awaited. The guidelines suggest a maximum penalty of <strong>18 months<\/strong> in prison, although prosecutors reportedly could seek a more severe punishment.<\/p>\n\n\n\n<p>With CZ out on bail, he has to abide by certain restrictions, especially when it comes to travel. <\/p>\n\n\n\n<p>This definitely puts a damper on his ability to handle <a href=\"https:\/\/coinscreed.com\/staging\/binance-and-interpol-join-forces-to-boost-cybersecurity.html\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Binance<\/a>\u2019s affairs. Binance\u2019s reputation is also in line with CZ admitting guilt and paying hefty fines; it\u2019s a tough blow to the company\u2019s image.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Changpeng Zhao, better known as CZ, the mastermind behind Binance, is facing a complicated situation. He pleaded guilty to failing to maintain an effective anti-money laundering program at Binance, the world\u2019s largest cryptocurrency exchange, on November 21. As part of his guilty plea, he agreed to resign as CEO of Binance and pay a $50 [&hellip;]<\/p>\n","protected":false},"author":44,"featured_media":71428,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[32],"tags":[1191,1437],"class_list":["post-71426","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-exchange-news","tag-cz-binance","tag-money-laundering"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/02\/cz-binance.webp","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/71426","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=71426"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/71426\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/71428"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=71426"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=71426"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=71426"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}