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Author: Olga Kharif, Muyao Shen, Bloomberg; Compilation: Deng Tong, Bit Chain Vision World
According to the U.S. government, in accordance with the law, “seeking forgiveness is better than obtaining permits”, Billionaire founders of the Billionaires Exchange have told him the team.
It’s time for Zhao Changpeng to ask for forgiveness, but the prosecutor did not have the mood to approve.In a court document before the sentencing hearings on Tuesday, they quoted the light attitude he showed in this sentence and other remarks.One of the reasons for longer).He pleaded guilty to violating the anti -money laundering method in November.
If Judge Seattle agrees with the prosecutor’s opinion and ordered him to imprison him, Zhao Changpeng will be included in the history of the richest people who have served in the U.S. Federal Prison in the history, because his ownership of Binance and the estimated estimation related to them are $ 43 billionPersonal wealth is still intact.With the accelerated growth of Binance business in the latest round of cryptocurrencies, his wealth may become more.Although as part of the government agreement, Zhao Changpeng abandoned the title of CEO, but his impact on the company’s lingering impact cannot be ignored: the new board of directors is led by his loyal friend, and the mother of his three children plays an important roleRole.Play in its operation.
Needless to say, the arrangements with the Ministry of Justice cannot meet the requirements of some critics in the cryptocurrency market.
Zhao Changpeng leaned on the Seattle Federal Court on November 21 after he pleaded guilty to the US government.Photography: Chloe Collyer/Bloomberg
Promoting Organic Dennis Kelleher, president and CEO of Better Markets Inc., said: “The Ministry of Justice should sue dozens of people related to Binance, not only should they prosecute and punish them, but they should also ban them from entering forever to enterHe will not punish others in the financial industry, and he should be sanctioned the most. “
Zhao Changpeng also agreed to pay a personal fine of $ 50 million.Binance itself agreed to settle down with a fine of 4.3 billion US dollars. The case involved a series of shocking charges related to the violation of the anti -money laundering and sanctions law, including the US Treasury’s claim that the exchange failed to stop and report HamasSuspicious transactions, base organizations and other organizations identified by the United States as terrorist organizations.US prosecutor Tessa M. Gorman and her prosecutor colleagues mentioned the “huge” consequences caused by Zhao Changpeng’s improper behavior, as well as her so -called “right” consequences of the improper behavior of Zhao Changpeng, as well as “right”.Major damage to US national security. “
However, although the charges are serious and Binance and their former leaders have also acknowledged guilty, the company established by Zhao Changpeng is still booming, and its position as the most important cryptocurrency exchange has also been tested.During the period of cryptocurrencies such as cryptocurrencies, this business that earns expenses from customer transactions is often a banknote printing machine. As investors return to the market after the US exchanges were launched, Bitcoin reached a record high in last month.Essence
Although its dominant position has declined, Binance still maintains a leading market share in spot and derivative cryptocurrency markets.The company said that more than 40 million users were added in 2023, an increase of 30%over the previous year.Customers’ positions in the exchange have increased to more than 100 billion US dollars.According to Bloomberg, the company’s annualized revenue may reach $ 9.8 billion in the 12 months as of March.
Coin security ball data and analysis director Andy Goldin said in an interview in March: “In fact, things like ETF are helping to promote this activity.” “At present, more institutionsTrading activities have indeed promoted this trend. “
Binance’s persistence is largely because the traders’ views on the company and Zhao Changpeng are very different from its former dead opponent FTX.EssenceAfter the conviction, SBF was sentenced to 25 years in prison. At present, his net assets are estimated to be $ 0.The use of the Ministry of Justice’s accusation of Binance’s crime, the use of deceiving customers’ funds is not one of them.
The different results of SBF and Zhao Changpeng reflect the different business styles of the two.After his collapse of the encrypted empire, SBF began a chaotic effort, trying to get rid of the predicament through conversation and Twitter, and even ended in the trial of testimony to testify.On the other hand, Zhao Changpeng admitted that he was guilty, cooperated with the government, and guarded his mouth like a bottle.Even their iconic hairstyles also provide a symbolic comparison: SBF is famous for its long, irregular curly hair, and Zhao Changpeng has short shoulder hair. It looks like it is in the recruit training camp.The home is the same.
The most important thing is,Unlike FTX, Binance can cope with the impulse of hot money cryptocurrency traders. They tend to withdraw money from the exchange when any signs of signs appear.For example, TERRA USS stabilized coin crash and three -arrow bankruptcy 2022 Capital hedging funds, let alone Binance’s own legal entanglement last year.
Austin Campbell, a part -time professor at Columbia Business School, said: “Binance is the largest exchange, and it is still operating well during FTX, 3AC, TerraForm Labs, etc.”It is regarded as a huge suspension, and because they can survive, this makes people confident in them. “
Since reaching a confession agreement to expel Zhao Changpeng, how much changes have taken place in Binance, this is the topic of many tea in the encrypted world after meals.
The most obvious change is that Zhao Changpeng gave up the role of the company’s public image.Although he has never been the kind of person who will associate with celebrities or invite reporters to enter his home, just like the FTX SBF has done it in his luxurious Bahamas top apartment, but since pleading guilty, Zhao Changpeng has become so low -key, so that it is, so that it has become so low -key, so that evenAlmost invisible.He promoted his views on the interviews, podcasts and conference group discussions of Financial News, or that he had gone back in the days when social media confused with the enemy and fans.
He is the one who fills most of the gaps. He is the mother of the three children and one of the co -founders of Binance.
In May last year, Binance co -founder He Yi was in Dubai.Photographer: Natalie Naccache/Bloomberg
Annabelle Huang, an executive partner of the cryptocurrency investment company, said at the Binance transaction, said: “People are worried that once CZ no longer takes the helm, it will occur.”
Although Richard Geng, who was once the chief supervisor of Abu Dhabi global market, was the public image of Zhao Changpeng and the public image of Binance, Zhao Changpeng’s partner is still an important force of the company.
He Yi said in social media that Binance’s efforts should be ongoing about the infamous “wild west” encrypted culture.She condemned the so -called “mouse transactions”, that is, aimed at manipulating the market or buying and selling for corruption. For example, the New Tymids listed on the market in advance may change its price.She threatened to include any employees involved in improper transactions on the blacklist: “If we confirm that the members of the Binance team have corruption, we will keep your identity confidential and reward you with a security vulnerability bonus of $ 10,000 to 5 million.”
On March 19, Binance CEO Richard TENG was at the Gulf Binan Digital Asset Forum in Bangkok.Photography: Sirachai ArunRugstichai/Blowberg
In December, at the last two hours of “ask me” meeting, He Yi and teng talked in time.She described the division of labor between the two in the company: she focused on the needs of users, and Teng interacted with global regulatory agencies as a public image.“The best thing for me is to serve customers”, “Teng is more suitable for the role of CEO.”
What about Zhao Changpeng himself?
“CZ just stepped down, he would not go to hell.” In X’s discussion, he said with a smile.In spirit, he “still with us, don’t worry,” she said while saying.Let’s take a look at what Zhao Changpeng did during the pronouncement: Go to the ski resort.
According to a court document, Zhao Changpeng’s base camp has been in Los Angeles during the waiting sentence, with his sister, but he was allowed to roam in the United States and his two university children lived there.The court banned him from leaving the country. Even if he asked for an unknown relative who had undergone surgery in Abu Dhabi, his partner He Yi and their three children lived there.
Zhao Changpeng also has some friendly faces in the Binance Board, including some trustworthy deputy, who worked for the company for many years during the company’s violation of US law.
The company’s co -founder and member of the board of directors Heina Chen was one of the 160 people who wrote praise letters to the court on behalf of Zhao Changpeng, trying to persuade the court to punish him lightly.She said,“CZ is the spiritual leader of Binance. There is no doubt that he is also my cautious leader and guide.”Rock He, a member of the board of directors who has been working in Binance since the establishment of Binance in 2017, said endlessly that Zhao Changpeng is like a brother for him: “This kind of connection is the most proud of my life, and it is the heavenly gift.Gift. “Binance was a former who was a member of the independent board of White & amp; law lawyer Wang Xin told the court that Zhao Changpeng helped her after her loss of her mother.Part of it.”Binance’s representative did not respond to whether Zhao Changpeng continued to discuss the company’s comments and requests with the current employees and members of the board.
It’s time to let Zhao Changpeng’s friends take care of the company he created. This is a large company with thousands of employees scattered around the world but still has no physical headquarters.US regulators (probably a large law firm or consultant) will be assigned to closely follow the compliance of the Binance Confundant Agreement on the US confession agreement within five years to ensure that they adopt appropriate measures to comply with anti -money laundering and sanctions laws.In the end, the monitor’s report will answer the question of how much Binance can change its way.
However, legal entanglement has not ended.In June last year, the US Securities and Exchange Commission (SEC) filed a lawsuit against Binance and its sister company Binance.us, accusing them of unregistered exchanges, brokerage self -business and liquidation institutions.Many people believe that with the fight against allegations, the case will last for several years.At the same time, in Nigeria, a Binance executives have been imprisoned since the end of February; but he did not plead guilty.
Many traders using Binance have not seen much changes in exchanges -for many people, this is a good thing.They said they were still talking to the same middle -level employees, and their trading experience did not change.
“There is no difference for us,” said Alistair Milne, an investor.”If so, because of reconciliation, there is more certainty now, so this is good news.”
Some people are more cautious, especially in the environment after FTX.
Tim Grant, CEO of Deus X Capital, said: “I will not insomnia because Binance is about to disappear, but I need to ensure that I will not bear all risks.” Deus X Capital manages more than $ 1 billion in $ 1 billionfunds.
When it comes to Zhao Changpeng’s own risk, Federal Judge Richard Jones will decide whether he is prison and how long he is in prison.
On November 21, Zhao Changpeng left the Seattle Federal Court.Photography: Chloe Collyer/Bloomberg
Sam Mangel, a prison consultant who served his sentence in person, saidIf the billionaire really serves his sentence, it is likely to be a low -level prison, and he may even see some friendly faces in prison friends.
“He will not be extorted, nor will he be threatened,” Mangel predicts.”People who are very successful in prisons with low security levels are often respected.”
As for the next step after he was sentenced, Zhao Changpeng told the court in a letter in February that he has been discussing with biotechnology startups with an ambitious plan to use blockchain technology. “And provide medical services for billions of people in the world.
The concept document wrote: “I can try to help crack down on corruption, world hunger, climate change, etc.” “But I have no professional knowledge in that area.”
