Binance CEO

Binance founder CZ must stay in US until sentencing, judge orders

A federal judge said former Binance CEO Changpeng Zhao is a flight risk if he returns to the UAE and must remain in the U.S. while awaiting sentencing.

Binance founder Changpeng “CZ” Zhao has been ordered to stay in the United States until his sentencing in February, with a federal judge determining there’s too much of a flight risk if the former exchange CEO is allowed to return to the United Arab Emirates.

On Dec. 7, Seattle district court Judge Richard Jones ordered Zhao to stay in the U.S. until his Feb. 23, 2024 sentencing date. He faces up to 18 months in prison after pleading guilty to money laundering on Nov. 21 and has agreed not to appeal any potential sentence up to that length.

“The defendant has enormous wealth and property abroad, and no ties to the United States,” Jones wrote, agreeing with earlier arguments from federal prosecutors who said they “would not be able to secure his return” if Zhao decided not to return to the United States.

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Judge accepts Binance CEO CZ’s guilty plea, with sentencing in Feb

This court “hereby accepts the guilty plea of the defendant to the charge […] and the defendant is adjudged guilty of such offense,” wrote Judge Richard Jones.

A federal judge has accepted Binance founder Changpeng “CZ” Zhao’s guilty plea to money laundering but hasn’t decided whether he can leave the United States before his February sentencing date.

In a Dec. 6 filing to a Seattle District Court, Judge Richard Jones said he accepted Zhao’s guilty plea to one count of Bank Secrecy Act violations, which the Binance founder submitted over two weeks ago on Nov. 21 alongside his exchange’s $4.3 billion settlement with United States agencies.

Part of the settlement deal saw Zhao step down as CEO of Binance and pay $150 million to regulators.

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Binance is now 'totally different': Interview with CEO Richard Teng

The new CEO of Binance takes stock of the exchange’s future following a landmark $4.3 billion settlement with United States authorities in a one-on-one interview with Cointelegraph.

Binance CEO Richard Teng has assured the “gaps in compliance” from the early days of Binance are firmly in the past and that the crypto exchange is now “totally different.”  

Teng, the former head of regional markets for Binance, was elevated to the position of CEO on Nov.

“As part of the settlement, CZ cannot be involved in the day-to-day running of the company’s operations,” Teng explained.

Despite that, the incumbent CEO of Binance cuts the figure of a man reveling in the challenges ahead.

“I’m taking the baton and pushing ahead with our growth agenda while working very closely with global regulators.”

Teng believes that the “overcast” conditions clouding Binance in recent months are lifting following its staggering $4.3 billion settlement with the United States Justice Department relating to a raft of violations of U.S.

$4.3B settlement a result of early gaps in compliance

The exchange has paid dearly for mistakes made during its meteoric growth from 2017 onwards. Teng recalls how Zhao built Binance from a team of six people to a global operation consisting of thousands of employees that serves a user base estimated to be more than 166 million.

“In those very early days while we were building up the company, there were gaps in terms of compliance. That resulted in all these breaches and mistakes, but these are historical issues.”

The shortcomings of its early compliance regime have led to the largest crypto-related settlement in U.S.

Binance is now ‘totally different’: Interview with CEO Richard Teng

In a one-on-one interview with Cointelegraph, the new CEO of Binance takes stock of the exchange’s future following a landmark $4.3 billion settlement with United States authorities.

Binance CEO Richard Teng has stated that the “gaps in compliance” from the early days of Binance are firmly in the past and that the crypto exchange is now “totally different.”  

Teng, the former head of regional markets for Binance, was elevated to the position of CEO on Nov.

“As part of the settlement, CZ cannot be involved in the day-to-day running of the company’s operations,” Teng explained.

Despite that, the incumbent CEO of Binance gives the impression of a man reveling in the challenges ahead.

“I’m taking the baton and pushing ahead with our growth agenda while working very closely with global regulators.”

Teng believes that the “overcast” conditions clouding Binance in recent months are lifting following its staggering $4.3 billion settlement with the Justice Department relating to a variety of violations of U.S.

$4.3 billion settlement a result of early gaps in compliance

The exchange has paid dearly for mistakes made during its meteoric growth from 2017 onwards. Teng recalled how Zhao built Binance from a team of six people to a global operation consisting of thousands of employees that serves a user base estimated to be more than 166 million.

“In those very early days, while we were building up the company, there were gaps in terms of compliance. That resulted in all these breaches and mistakes, but these are historical issues.”

The shortcomings of its early compliance regime have led to the largest crypto-related settlement in U.S.