Just a few hours ago CZ posted on X that he would be stepping down from Binance and briefly explained Binance’s succession plan. This coming only a few minutes after news spread of CZ pleading guilty of money laundering charges brought by the US dept. of Justice.
CZ’s full twit on him stepping down:
~~~ embed:1727063503125766367?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Etweet twitter metadata:Y3pfYmluYW5jZXx8aHR0cHM6Ly90d2l0dGVyLmNvbS9jel9iaW5hbmNlL3N0YXR1cy8xNzI3MDYzNTAzMTI1NzY2MzY3fA== ~~~
The plead deal basically allows CZ to maintain ownership shares of Binance but could not work in the company any longer. Furthermore there were financial fines on Binance in the tune of $4.3 Billion and personal fine on CZ for $50 million.
News story of his guilty plead:
https://decrypt.co/206873/binance-ceo-changpeng-zhao-step-down-plead-guilty
Right after CZ twit his significant other and business partner Yi He came out defending Binance:
~~~ embed:1727080898229879099?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Etweet twitter metadata:aGV5aWJpbmFuY2V8fGh0dHBzOi8vdHdpdHRlci5jb20vaGV5aWJpbmFuY2Uvc3RhdHVzLzE3MjcwODA4OTgyMjk4NzkwOTl8 ~~~
Yi has supported CZ throughout this ordeal and remains on his side.
News article describing her support to CZ even though others who were former employees of Binance had a difference of opinion on CZ:
It’s worth pondering CZ admitted guilt would include a jail sentence since he no longer works at Binance? There maybe a jail sentence of 18 months as noted in this article:
https://decrypt.co/206905/will-binance-founder-changpeng-zhao-go-to-prison
It’s only a few hours and not even a day into this news so definitely there will be more juicy details coming out as information keeps spreading.
I find it as not surprising how hard governments are cracking down on crypto as they have unearthed so much wrong with what had happened with FTX.
However I can’t help but wonder if CZ was just a pawn in the governments ploy to rain in crypto. Like bring down the best known figures on charges he has to admit to so to knock out big crypto businesses only so that government with have control of them? I feel more news of this will come from this.
Until next time thanks for reading!!!
It's weird to see CZ step down. I guess at some point the pressure is just too large.
i just can't believe this. but it is what it is. are we in danger?
I think governments are only chasing down the big fishes. We likely not going to see it effect crypto prices hopefully !LOL
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In my view this is a good step on his part if he didn't do it this way we could have seen the market go down further and the good thing is that he has filled the fine as well.