Fun

News Feed - 2023-11-27 02:11:52

Ana Paula Pereira6 hours agoWhat’s next for Binance’s Changpeng “CZ” ZhaoAccording to the U.S. Sentencing Guidelines, CZ could receive a 12-18 month sentence, but the Department of Justice is willing to fight for a longer term.5047 Total views19 Total sharesListen to article 0:00NewsJoin us on social networksA recent court filing suggests that Changpeng "CZ" Zhao"s legal challenges are just beginning, despite pleading guilty to violating the United States Anti-Money Laundering requirements in a settlement with the Department of Justice. 


Zhao is expected to be sentenced in February 2024. He is currentlychallenging the government"s efforts to prevent his return to the United Arab Emirates (UAE) while awaiting sentencing with his family. In a filing from Nov. 24, however, authorities indicated that he may face a harsher punishment than initially anticipated:"The defense claims that Mr. Zhao faces merely a “brief” sentence and has no incentive to flee. The reality is that the top-end of the Guidelines range may be as high as 18 months, and the United States is free to argue for any sentence up to the statutory maximum of ten years."


A potential lengthier sentence opposes legal experts" consensus. According to an analysis from former Securities and Exchange Commission official John Reed Stark, Zhao would possiblyreceive a 12–18-month sentence at a minimum-security prison under the U.S. Sentencing Guidelines. Although his legal team is likely to ask for no jail time or an alternative sentence, combining prison time with home detention and probation.


Zhao"s relevance to the crypto industry may also influence his fate. Stark believes that if the "DOJ does not secure a sentence for CZ that deters future money laundering conduct in the cryptoverse (and elsewhere), then this "plea deal" could end up backfiring on DOJ."Screenshot: Government"s reply to motion for review Zhao"s travel restrictions. Source: Reuters.


For the DOJ, seeking longer jail time for Zhao may not be as easy as it seems. According to Stark"s analysis, the government officials would have to produce more substantial evidence implicating him in criminal activity. "Hopefully, DOJ has got something up their sleeve, or perhaps the Binance monitoring and other remedial requirements will reveal more egregious and chargeable crimes," hewrote on X (formerly Twitter).


Zhao was released under a $175 million bond that requires him to return to the U.S. 14 days before his sentencing date scheduled for Feb. 24, 2024. In his comments, Stark noted that Judge Richard A. Jones is expected to consider the government’s motion on Nov. 27, with the possibility of strengthening the bail requirements through additional bond conditions or delaying a decision.


Binance-CZ"s case is stirring controversy among legal and business experts.According to Omid Malekan, author and adjunct professor at Columbia Business School, the DOJ"s approach to the exchange differs significantly from what is seen in traditional finance.“If [banks] they’d been held to the Binance Standard there’d be hundreds of managing directors in jail and less money for shareholder buybacks (or lobbying). But the bankers were smart enough to never question the game.”


On Nov. 21, Zhaoreached a $4.3 billion settlement with the U.S. government for allegedly allowing individuals engaged in illicit activities to transfer funds through the exchange. Hestepped down as CEO as part of the settlement.


Magazine: Deposit risk: What do crypto exchanges really do with your money?# Business# Changpeng Zhao# United States# Department of Justice# Binance# RegulationAdd reactionAdd reactionRead moreStablecoin bill is a ‘no-brainer’ — Consensys director on US legislationBlockchain devs expect complications from EU smart contract kill switchBreaking: Binance’s CZ to plead guilty to violating Anti-Money Laundering requirements — WSJ

News Feed

Bitcoin․com Announces ‘CEX Education Program’ to Reward Victims of Centralized Crypto Failures and Bolster DeFi
Bitcoin․com Announces ‘CEX Education Program’ to Reward Victims of Centralized Crypto Failures and Bolster DeFi press release Bitcoin.com announced the creation of a program t
IRS criminal investigation chief joins Chainalysis: ‘It’s time to move on’
Turner Wright11 hours agoIRS criminal investigation chief joins Chainalysis: ‘It’s time to move on’Jim Lee said his move was partly due to Chainalysis “[leading] the way from the private sector in making cryptocu
Alice Ivey10 hours agoHow to protect your privacy onlineDiscover effective strategies to maintain online privacy and learn how to safeguard your personal information while navigating the digital landscape.557 Total views
$1 Million per BTC in 10 Years: ‘In Terms of Dollars Bitcoin Is Going to Infinity,’ Says Kraken CEO
$1 Million per BTC in 10 Years: "In Terms of Dollars Bitcoin Is Going to Infinity," Says Kraken CEO While bitcoin prices have been coasting along between $46k to
NFT sales fell 44% as crypto dipped, memecoins steal ‘mind share’ in Q2
Brayden Lindrea3 hours agoNFT sales fell 44% as crypto dipped, memecoins steal ‘mind share’ in Q2Several PolitiFi and animal-themed memecoins continued to soar in the second quarter despite the broader market downfal
Google Cloud to Become Tezos Validator and Offer Validation Services
Google Cloud to Become Tezos Validator and Offer Validation Services Google Cloud, the remote services division of the software giant, has announced a partnership with blockchain c
Martin Young4 hours agoImmutable links with AWS in latest Web3 gaming pushThe blockchain gaming firm said it will gain access to a vast pipeline of game studio leads and support for successful deal closures.1334 Total vi
Ethereum Profit Streak Signals ATH Breakout For Over 90% Of Investors
Este artículo también está disponible en español. Ethereum (ETH) is once again in the news, but this time it’s good news for buyers. Recent data shows that over 90%
Consensys files lawsuit against SEC and commissioners over Ether regulation
Turner Wright5 hours agoConsensys files lawsuit against SEC and commissioners over Ether regulationThe company warned that the SEC reversing a position it had held since 2018 on Ether as a security could “spell disaste
India’s Central Bank Chief: Cryptocurrencies Will Cause Next Financial Crisis if They’re Not Banned
India"s Central Bank Chief: Cryptocurrencies Will Cause Next Financial Crisis if They"re Not Banned The governor of India’s central bank, the Reserve Bank of India (RBI), has
3 prevendite crypto da considerare prima dell’insediamento di Trump
Este artículo también está disponible en español. Mancano solo pochi giorni all’insediamento del nuovo presidente degli Stati Uniti, Donald Trump, e l’attesa
Onchain Ethereum Fees Remain Low Ahead of the Merge, 4 L2 Networks Offer Transfers Below a Nickel
Onchain Ethereum Fees Remain Low Ahead of the Merge, 4 L2 Networks Offer Transfers Below a Nickel With just over two weeks until The Merge, Ethereum network fees have reduced signi