Binance Co-founder Provides Update on Former CEO’s Legal Situation
Binance co-founder Yi He shared updates on the situation involving the former CEO, Changpeng Zhao, who awaits sentencing in the U.S., scheduled for April 30.
During a Binance Chinese community meetup in Dubai, He remarked that Zhao’s current status in the U.S. appears stable, with anticipated regulatory pressures. She expressed confidence in the situation, considering it the most favorable outcome under the circumstances.
Zhao previously pleaded guilty to charges related to anti-money laundering and sanctions violations, agreeing to a $50 million fine and stepping down from his CEO role.
While facing a potential prison term of up to 18 months, U.S. prosecutors seek a longer sentence. Zhao remains free on bail, secured by a $175 million bond, despite a judge denying his request to travel to Dubai.
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In addition to Zhao’s case, Binance itself pleaded guilty to various charges, including money laundering and sanctions violations, agreeing to pay fines totaling $4.3 billion. The exchange has emphasized significant compliance improvements over recent years, enhancing KYC processes and anti-money laundering measures.
Following Zhao’s resignation, Binance appointed Richard Teng as CEO in November. Teng, who initially led Binance Singapore in 2021, assumed the role of head of regional markets in May 2023, bringing extensive experience to the position.
Alexander Stefanov
Reporter at CoinsPress
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