This week Binance founder Changpeng Zhao known as CZ finally spilled the tea on why he decided to confront US prosecutors head on in his AML violation case even though his UAE citizenship could have shielded him completely from their grasp 🖤 the whole situation feels like a dark crypto plot twist in our DeFi world.
CZ Explains He Refused To Dodge His Legal Fate 😈
His words gave us a glimpse into his mindset right before that four month prison sentence and his exit from leading Binance 🌙 Zhao shared this during a fireside chat with Anthony Scaramucci on August 19 at the Wyoming Blockchain Symposium in Jackson Hole noting he had gained UAE citizenship about six months prior to the case going public since that nation shares no extradition deal with the USA chat link. He could have remained in the Middle East and skipped US courts entirely yet that path never sat right with his sense of honor 🦇 resolving everything felt better for him personally Binance BNB holders and the entire crypto space.
“Actually I was granted citizenship of the UAE but I didn’t want to leverage that” Zhao explained “That’s just the wrong thing to do”
When the US government targets you he declared there is no dodging it you should never hide or run away 💀 on another note he had expected far less punishment since the case involved no fraud only one Bank Secrecy Act violation. CZ compared his outcome to former BitMEX exec Arthur Hayes who got six months home confinement for a similar single count violation without solid AML and KYC setups. Meanwhile Zhao served four months in federal prison for basically the same issue 🕸️ though shorter than the three years recommended by the Justice Department it exceeded the no prison request from his team. “I think I’m still the single only person that went to jail for a single violation of a Banking Secrecy Act” he remarked.
Binance Faced Prison Time Before That Surprise Pardon 🕯️
During the talk CZ reflected on Binance holding the top crypto platform spot at the time while pointing out it was neither US nor China based 🩸 “We’re not US based we’re not China based but look Chinese so kind of an easy target” he said “I don’t blame them it is what it is” the 48 year old stepped down after the exchange settled for four point three billion dollars with US authorities. He paid a fifty million dollar personal fine then reported to Federal Correctional Institution Lompoc II in Santa Barbara California to complete his term only leaving near the end of September 2024. A year later President Donald Trump issued him a full unconditional pardon.
Just another echo from the void by iconofsin.eth 💖
