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Binance CEO pleads guilty
According to a Reuters article, Changpeng Zhao, also known as CZ, founder and CEO of Binance, the world’s largest cryptocurrency exchange, resigned from his position after pleading guilty to violating US anti-money laundering regulations. According to the news agency, which cited prosecutors in the case, Zhao consented to a $4.3 billion settlement agreement in a Seattle court on Nov. 21. The agreement included personal compensation of $50 million to resolve the dispute. They went on to say that this is one of the largest corporate fines in US history. Prosecutors told Reuters that as part of the deal, Binance will lose $2.51 billion after paying $1.81 billion over 15 months.
Legal experts told Reuters that while this latest result is “a good result” for Zhao personally, it also represents another major setback for the cryptocurrency industry following the fraud conviction of FTX’s Sam Bankman-Fried earlier in this month. They noted that he preserves his money and allows him to keep his property on Binance. Zhao, a 44-year-old Canadian citizen, was born in China’s Jiangsu province. According to a Bloomberg article, Zhao’s father, a university professor, was exiled to the countryside during Mao’s Cultural Revolution, and his family immigrated to Vancouver when he was twelve years old. Young Zhao studied computer science and was surrounded by technology. He graduated from McGill University with a degree in that discipline.
When he first entered the workforce, it was claimed that he worked in Tokyo and New York developing trading systems. According to the Bloomberg article, Zhao first experimented with cryptocurrencies in 2013 while playing a friendly game of poker in Shanghai with investor Ron Cao and BTC China CEO Bobby Lee. Two of his teammates advised Zhao to invest 10% of his net worth in Bitcoin during the game. He allegedly did his homework and then sold his apartment to raise the money. Before founding his own company, he held positions at cryptocurrency startups Blockchain.info and OKCoin.
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Source: vtt.edu.vn