Changpeng Zhao's naivety has cost him over $4.3 billion and could potentially lead him to prison.

By alberdioni8406 | Barraca Crypto | 29 Nov 2023


Wed, Nov 29

I believe the former CEO of Binance and billionaire entrepreneur in the cryptocurrency industry, Changpeng Zhao, or simply CZ, now regrets making a "gentleman's agreement" with the U.S. Department of Justice.

The agreement's main point was for Binance's former boss to acknowledge and accept that the institution he founded and led facilitated various criminal activities, including money laundering and misuse of the exchange by organizations under U.S. economic sanctions to fund terrorist organizations and other crimes. In return, he would pay fines to the government in several billion dollars and step down as CEO.

However, after CZ fulfilled the gentleman's agreement, the dark government saga began. Due to naivety and trust, the entrepreneur may now face an effective sentence of up to 18 months in the United States. The plot thickens when the prosecution's lawyers file a motion to prevent CZ from returning to Dubai, where he resides.

The prosecution claims that CZ has the means to escape and poses a flight risk, requesting the court to keep him on American soil until his sentence is pronounced in February 2024.

To make matters worse, rumors suggest that the Securities and Exchange Commission (SEC) intends to prove [that CZ and Binance committed a fraud similar to what FTX and its founder SBF (now in custody) orchestrated. If true, CZ may not only go to prison but may have to serve more years than currently anticipated.

This Tuesday, CZ resigned from the position of Chairman of Binance.US, stepping down from the board of the U.S. subsidiary. This reveals that the U.S. government's plans are succeeding, and the most prominent name in the global crypto industry is gradually relinquishing roles and functions, reducing his presence in the industry.

Changpeng Zhao (CZ) fell into the naivety of believing that the U.S. Department of Justice was charmed by him, and a gentleman's agreement could ease his and Binance's life. He forgot that no government gives without taking, always staying one step ahead. Today, CZ has already paid over $50 million in fines as part of the agreement, and Binance has several billion dollars left to pay to the U.S. Department of Justice.

When coming to America, Changpeng Zhao thought he had everything under control, and money would protect him, forgetting that the business he opened grew significantly, arousing the greed of big players. Some want his head on a platter—they want to send a message to the crypto industry that they still rule the world and dictate the rules of the game.

Changpeng Zhao's naivety will surely land him in jail, and now he must pray for a miracle. A decision has already been made for him to remain in the United States until the sentencing, and the SEC is on him, trying to prove fraud at Binance that harmed the company's clients.

Dark days await CZ, and this narrative only proves that one cannot trust any government because they are deceitful and have hidden agendas. Good luck to CZ for everything he contributed to the Cryptocurrency Industry.

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