Former Binance CEO CZ arrested ? đ
What happened ? đ€
Should we worryâ
CZ holder of BNB. Will $BNB crash ? #BNBToken
CZ has reported to a low-security federal prison in Lompoc, California, following a guilty plea to charges of enabling money laundering at Binance. CZ was sentenced in April to four months in prison, less than the 12 to 18 months recommended by sentencing guidelines & far below the three years sought by federal prosecutors. The defense had asked for five months of probation.
Before his sentencing, CZ told U.S. District Judge Richard Jones, âIâm sorry & acknowledged failing to implement an adequate anti-money laundering program, admitting the seriousness of his mistakes. In November, CZ made a deal with the U.S. government to settle a multiyear investigation into Binance. He stepped down as CEO as part of the settlement. he still holds an estimated 90% stake in Binance.
The charges against CZ included willfully failing to implement an effective anti-money laundering program as required by the Bank Secrecy Act and allowing Binance to process transactions involving unlawful activity. The U.S. fined Binance $4.3 billion and CZ personally agreed to pay a $50 million fine.
In a related case, FTX founder & former CEO, Sam Bankman-Fried, is serving a 25-year sentence in a federal prison in the U.S. for securities fraud conspiracy. Convicted on all seven criminal counts in November, Bankman-Fried was ordered to pay $11 billion in forfeiture. Unlike CZ, Bankman-Fried did not reach a deal with the government; instead, other executives, including Caroline Ellison, Alamedaâs former CEO and Bankman-Friedâs ex-girlfriend, cooperated with prosecutors and testified against him.
We should not worry about this. He will be ok in 4 months. Also BNB has no affect from this. Binance holds BNB. I think this is a unlawful action against a great person who did greatest service to this industry. I thank him for what he did. If he wasn't, we don't have a crypto industry like this & the greatest crypto platform #Binance.
