- Former CZ CEO CHangpeng ‘CZ’ Zhao has received his sentence from the US Court.
- For breaking the ‘Bank of Secrecy Act’ he is given 4 months in prison.
- Despite the sentence, the crypto community supports him and calls him a legend.
Earlier this year Binance was put under the wire by US courts for alleged illegal activity. This led to Founder and then CEO, Changpeng ‘CZ’ Zhao to step down and distance himself from the Binance name. A new CEO was appointed for Binance and CZ was scrutinized alone by the US court.
After months of investigation, CZ ‘s sentencing was postponed to April 30. Now, it has been made clear that CZ has been sentenced to 4 months in prison by the US Court. In detail, it seems the sentence has been placed due to ‘violations of the Bank Secrecy Act’ during CZ’s time at the crypto exchange.
The 4 month sentence comes as a relief to the crypto community as the Department of Justice (DOJ) initially sought a three-year prison sentence for CZ. CZ’s lawyers requested for probation instead leading to a much smaller sentence.
Amidst this move by the US Court, CZ has gained an incredible amount of genuine support from the global crypto community. For instance, multiple online accounts, all credible, are sharing genuine comments about CZ’s humble beginnings and his continued humility.
In particular, many of these posts mark CZ as a hero in the hearts of all crypto community members. In fact, one post goes as far as to say he looks forward to the day the US Feds are sentenced to prison for USD fiat’s role in cartel activity, human trafficking, and terrorism.
The highlight of this story comes from CZ himself in his latest post where CZ takes a moment to thank everyone for their care and support. CZ says he has received multiple letters which gave him a lot of strength. He then promises to do his time, close this phase of his life, and focus on his next chapter which is his pursuit to provide free education.
He also confirms that he will be a passive investor and holder in crypto and marks how the industry has moved into a new phase where compliance is incredibly important. Finally he addresses that the silver lining is that Binance has not been put under the microscope despite his sentencing meaning everyone’s funds are safe.
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