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

Helen Partz12 hours agoOwner of Hong Kong crypto exchange OSL secures $90M investmentBC Technology Group, the operator of Hong Kong’s publicly listed crypto exchange OSL, has raised $90 million in subscriptions for new
Rich Dad Poor Dad’s Robert Kiyosaki Warns ‘Everything Will Crash’ — Plans to Buy More Bitcoin
Rich Dad Poor Dad"s Robert Kiyosaki Warns "Everything Will Crash" — Plans to Buy More Bitcoin The famous author of the best-selling book Rich Dad Poor Dad, Robert Kiyosaki, has w
Bitcoin, Ethereum Technical Analysis: BTC Starts the Week Above $28,000, as Global Banking Crisis Worsens
Bitcoin, Ethereum Technical Analysis: BTC Starts the Week Above $28,000, as Global Banking Crisis Worsens Bitcoin was trading above $28,000 on Monday, as cryptocurrencies extended
Turner Wright2 hours agoSEC announces $24M settlement for case against Bittrex and its former CEOThe U.S. regulator filed a complaint in April claiming Bittrex and William Shihara operated an unregistered exchange, also
Law Firm Subpoenas FTX Co-Founder, Top Executives, and Former Alameda CEO Over Voyager Digital Deal
Law Firm Subpoenas FTX Co-Founder, Top Executives, and Former Alameda CEO Over Voyager Digital Deal On Feb. 6, 2023, law firm Kirkland & Ellis issued a subpoena to FTX co-found
Ukraine Raises More Crypto Than Russia in Year of War, Analysis Unveils
Ukraine Raises More Crypto Than Russia in Year of War, Analysis Unveils The two sides in the bitter conflict in Ukraine have been relying on crypto assets and technology to support
Onchain Data Suggests Bitcoin Sell-Off Fueled by New Investors
Onchain Data Suggests Bitcoin Sell-Off Fueled by New Investors While the covid-19 outbreak has caused economic calamity, cryptocurrencies have regained some of the losses that de
Gareth Jenkinson13 hours agoTwitter hijacks @X handle, offered user merch, trip to HQ as ‘thank you’The Twitter user who initially registered the @X handle had their profile forcibly changed after Elon Musk rebranded
DCA – The ‘Boring,’ Sensible Bitcoin Investment That Could Double Your Money in 2.5 Years
DCA - The "Boring," Sensible Bitcoin Investment That Could Double Your Money in 2.5 Years Dollar Cost Averaging (DCA) as a crypto investment method may not be the most thrilling
Crypto Experts Predict Bitcoin Price Rising to $318,417 by December 2025
Crypto Experts Predict Bitcoin Price Rising to $318,417 by December 2025 A panel of crypto experts has predicted that the price of bitcoin will rise to $318,417
SEC Charges 2 Firms and 4 Individuals in Crypto Pump-and-Dump Scheme
SEC Charges 2 Firms and 4 Individuals in Crypto Pump-and-Dump Scheme The U.S. Securities and Exchange Commission (SEC) has taken action against two firms and four individuals alleg
Terra founder Do Kwon released in Montenegro
Amaka Nwaokocha9 hours agoTerra founder Do Kwon released in MontenegroThe decision to release Kwon reportedly came from the Council of the Supreme Court, which is set to review a decision that could grant or deny extradi