The founder of Binance and former CEO of the well-known cryptocurrency exchange Binance, Changpeng “CZ” Zhao, asserts that despite the recent legal drama, he is psychologically stable.
CZ Values Messages from Guests
The founder of Binance expressed gratitude and acknowledgement for the support he has received in the last few days from both the general public and Binancians. He acknowledged the kind remarks aimed at him while also pointing out that he was unable to reply to or access the majority of these well-wishes.
CZ remembered how he used to joke about wanting to step down from his position as CEO of Binance early. Even though things didn’t turn out the way he had hoped, he had no idea that his wish would soon come true. CZ stated that he is gradually adjusting to the sudden shift that has occurred.
The founder of Binance is rumored to have handled the recent incident in good faith, which is supported by his friends’ assertion that he has a “resilient mindset.”
Although CZ expressed some disagreement with this perception of him, he did assert that he is still mentally stable.
Rejecting the Most Recent Binance Ordeal One of the major participants in the cryptocurrency ecosystem, Zhao, the founder, oversaw the largest cryptocurrency brokerage until a few days ago when he was the target of a legal enforcement action. As part of the settlement that the trading platform agreed to with the US Department of Justice (DOJ), he was asked to step down as the CEO of the exchange.
Since 2018, the DOJ has been keeping an eye on the founder of Binance and his exchange for possible money laundering and Know-Your-Customer violations governs. After being detained for several hours, he entered a guilty plea to the charge of failing to operate an anti-money laundering system. A $175 million personal recognizance bond was used to release him.
The hearing for his sentence is set for February of the following year. The founder of Binance is forbidden from breaching the law, interfering with witnesses, or using illegal drugs in the interim. Additionally, US prosecutors have expressed their desire to prevent him from leaving the nation until the hearing date.