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Binance CEO pleads guilty
According to a Reuters story, Changpeng Zhao, also known as CZ, the founder-CEO of Binance, the world’s largest cryptocurrency exchange, resigned after pleading guilty to violating the government’s anti-money laundering regulations. USA. According to the news agency citing prosecutors in the case, Zhao agreed to a $4.3 billion settlement in a Seattle court on November 21. The agreement includes $50 million in personal compensation. to resolve disputes. They went on to say that this was one of the largest corporate fines in American history. Prosecutors told Reuters that as part of the deal, Binance would forfeit $2.51 billion after paying $1.81 billion over 15 months.
Legal experts told Reuters that while this most recent outcome is “a good outcome” for Zhao personally, it also represents another major setback for the cryptocurrency industry in the wake of the FTX’s Sam Bankman-Fried was convicted of fraud earlier this month. They point out that it preserves his funds and allows him to keep his ownership on Binance. Zhao, a 44-year-old Canadian citizen, was born in Jiangsu province, China. According to a Bloomberg story, Zhao’s father, a university professor, was exiled to the countryside during Mao’s Cultural Revolution, and his family immigrated to Vancouver when he was 12 years old. Young Zhao studied computer science and was surrounded by technology. He graduated from McGill University with a degree in that subject.
When he first entered the workforce, he was said to have worked in Tokyo and New York developing trading systems. According to the Bloomberg article, Zhao first experimented with cryptocurrency in 2013 while playing a friendly game of poker in Shanghai with investor Ron Cao and BTC China CEO Bobby Lee. Zhao was advised by two teammates to invest 10% of his net worth in Bitcoin during the game. He is said to have completed his homework and then sold his apartment to make money. Before founding his own company, he held positions at cryptocurrency startups Blockchain.info and OKCoin.
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