Binance co-founder He Yi says CZ received ‘most optimal outcome’

According to Binance’s co-founder He Yi, Changpeng Zhao, also known as CZ, currently finds himself in a favorable position. On April 30, CZ is scheduled to be sentenced in the US for one felony charge.

At the Binance Chinese Meetup during the Token2049 conference in Dubai, Yi addressed regulatory worries, assuaging concerns according to Binance’s announcement. The statement didn’t include a direct quote from Yi, but mentioned that she spoke about it.

“CZ’s current standing in the US is largely peaceful and past regulatory pressures have been internally anticipated. She believes the existing situation to be the most optimal outcome given the circumstances.”

In the District Court of Western Washington, CZ may be given a prison sentence maxing out at 10 years if found guilty. The suggested term based on guidelines is between 12 and 18 months. A solitary charge against him came about following a November settlement, which saw Binance forfeiting $4.3 billion. This settlement led to CZ stepping down as CEO of the company.

In the US, CZ is currently out on a $175-million bond without charge, but with restrictions on travel. He has made two appeals to visit Dubai due to a health concern regarding one of his children. However, the U.S. Attorney’s Office intends to confiscate his passports in response. CZ is a citizen of both Canada and the United Arab Emirates, and holds a Canadian passport.

Yi is the mom of two or more of CZ’s three kids, yet she has refused to acknowledge that they’re romantically involved at present. She holds a concealed ownership share in the trading platform.

Binance co-founder He Yi says CZ received ‘most optimal outcome’

After CZ’s departure from the role of CEO at Binance, the company has been distancing itself from him. His position was taken over by Richard Teng, who previously led Binance’s regional markets outside the US. Teng asserts that Binance is now operating in a “completely different” manner under his leadership. The exchange recently established a board of directors.

Based on news articles from April 18, it is stated that Binance obtained a Virtual Asset Service Provider (VASP) license in Dubai. Part of the licensing terms allegedly involves Binance’s CEO, Changpeng Zhao (CZ), relinquishing voting rights for the local entity, Binance FZE. However, Binance has refused to confirm this assertion.

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2024-04-18 22:28