Binance Co-Founder Says Former CEO CZ Is in a ‘Positive Situation’ Ahead of Sentencing
Binance co-founder He Yi provided insights into Changpeng Zhao’s (CZ) legal situation at a Dubai event on April 19, expressing optimism despite his upcoming sentencing in the United States.
This follows CZ’s plea deal, which resulted in his departure from Binance and the company’s substantial $4.3 billion forfeiture.
While a potential sentence of up to 10 years exists, sentencing guidelines suggest a more probable term of 12 to 18 months, with the final verdict expected on April 30.
Yi also addressed broader implications for Binance’s regulatory stance, emphasizing the proactive approach required to fight the constant threat of regulators.
Binance recently obtained its highly anticipated crypto license in Dubai, allowing the cryptocurrency exchange to operate in the country.
The final requirement for the Virtual Asset Service Provider (VASP) license granted by the Virtual Assets Regulatory Authority (VARA) was that CZ relinquishes his voting power in Binance FZE, the exchange’s Dubai-based unit.
In November 2023, Binance agreed to pay US authorities $4.3 billion as a settlement for violating the Bank Secrecy Act and failing to adhere to Anti-Money Laundering (AML) guidelines.
This settlement came after CZ pleaded guilty to violating US anti-money laundering regulations and resigned as CEO as part of the plea deal.
Following Zhao’s resignation, Richard Teng assumed leadership, ushering in a new strategic trajectory. Under Teng’s guidance, Binance has undergone restructuring, including establishing a newly formed board of directors , reinforcing its commitment to operational stability and regulatory compliance.
Yi also shed light on CZ’s personal life, clarifying their current relationship status. As the mother of some
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