Changpeng Zhao

Crypto lawyer wants to depose Changpeng Zhao for civil case

The Moskowitz Law Firm, which represented many crypto investors in class-action lawsuits, cited the former Binance CEO’s “unique knowledge” of issues in calling for his deposition.

Adam Moskowitz, who has been the lead attorney in a number of civil cases involving crypto firms, filed a motion to take a deposition from former Binance CEO Changpeng “CZ” Zhao.

In a Dec. 8 filing in the United States District Court for the Southern District of Flordia Miami Division, Moskowitz said Zhao’s testimony would be “crucial to the claims and defenses of all parties” involved. The law firm filed the motion as part of a $1 billion lawsuit against Zhao, Binance and crypto influencers, which a court ordered stayed in August.

Moskowitz and his firm have represented several clients in cases against high-profile crypto firms and related entities. He was counsel for many victims of the collapse of FTX in a lawsuit targeting celebrities who promoted the crypto exchange, as well as a suit claiming investors suffered losses from soccer star Cristiano Ronaldo touting Binance’s nonfungible tokens.

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.

Changpeng Zhao’s next move could involve decentralized science

Decentralized science, or DeSci, aims to apply decentralized business models to medical research.

Changpeng “CZ” Zhao’s tenure as the CEO of Binance may be over, but the exchange giant’s loss could be a boon for the decentralized science (DeSci) sector.

In a comment on X (formerly Twitter) on Tuesday, Nov. 28, the former Binance CEO revealed an interest in the rapidly developing sector.

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.

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.

It is an honour and with the deepest humility that I step into the role of Binance’s new CEO.

We operate the world's largest cryptocurrency exchange by volume.

Read more

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.

It is an honour and with the deepest humility that I step into the role of Binance’s new CEO.

We operate the world's largest cryptocurrency exchange by volume.

Read more

Binance VIP traders got sneak peak of US settlement: Report

At an exclusive dinner in Singapore, certain Binance executives reportedly told traders about the pending settlement with U.S. officials, allowing the exchange to stay in business.

Executives of cryptocurrency exchange Binance reportedly gave a heads-up to its top market makers regarding a potential $4.3-billion settlement with authorities in the United States.

According to a Dec. 1 Bloomberg report, Binance traders at an exclusive September dinner in Singapore were informed about a tentative deal the crypto exchange had with U.S. Some Binance executives reportedly told certain traders at the event that the exchange could easily afford the $4.3-billion penalty to stay in business.

Then Binance CEO Changpeng “CZ” Zhao was reportedly not in attendance at the event, but Richard Teng, who succeeded Zhao following the settlement, was mingling with guests.

According to Teng’s posts on X (formerly Twitter) from September, the then head of regional markets was in Singapore for the Token2049 conference, the Milken Institute Asia Summit, the Singapore Grand Prix for Formula 1 and “plenty of side events.” Cointelegraph will release an exclusive interview with the Binance CEO at 6:00 pm UTC on Dec.

Glad to be speaking at Ethereum_sg. Busy week in Singapore with Token 2049, Milken, plenty of side events and rounded up by Singapore F1 night race https://t.co/FBirPWgRLg

— Richard Teng (@_RichardTeng) September 12, 2023

As part of its settlement, Binance must pay $4.3 billion to various U.S. at the time of publication, as a court considered his request to return to the United Arab Emirates before sentencing in February.

Binance VIP traders got sneak peek of US settlement: Report

At an exclusive dinner in Singapore, certain Binance executives reportedly told traders about the pending settlement with U.S. officials, allowing the exchange to stay in business.

Executives of cryptocurrency exchange Binance reportedly gave a heads-up to its top market makers regarding a potential $4.3-billion settlement with authorities in the United States.

Then Binance CEO Changpeng “CZ” Zhao was reportedly not in attendance at the event, but Richard Teng, who succeeded Zhao following the settlement, was mingling with guests.

Glad to be speaking at Ethereum_sg. Busy week in Singapore with Token 2049, Milken, plenty of side events and rounded up by Singapore F1 night race https://t.co/FBirPWgRLg

— Richard Teng (@_RichardTeng) September 12, 2023

Spreading misinformation about Changpeng Zhao ‘was the norm’ for SBF, says Binance CSO

Binance chief strategy officer Patrick Hillmann claimed former FTX CEO Sam Bankman-Fried was “constantly” using his platform to disparage CZ without considering the FTX Token sale.

Former FTX CEO Sam Bankman-Fried used Twitter and other means to spread “fake rumors” about Binance CEO Changpeng “CZ” Zhao, according to a Binance executive.

In an April 21 Twitter thread, Patrick Hillmann — the chief strategy officer at Binance — said Bankman-Fried, also known as “SBF,” used his influence to label CZ as an “evil Chinese” through “fake rumors” to perpetuate his alleged scams at FTX. Prior to and following FTX filing for bankruptcy in November 2022, SBF and CZ’s public relationship was often antagonistic, though the two exchanges had financial ties.

“Sam denigrating CZ was the norm for us,” said Hillman. “Had nothing to do with deciding to sell the worthless FTT on the company’s books.”

A great read by @WilliamCohan at @PuckNews. One thing they missed, Sam was CONSTANTLY spreading fake rumors about @cz_binance, because shading him as an “evil Chinese” was critical to his scam. You can’t pretend to be Luke Skywalker without Darth Vader.https://t.co/oi9JxsqPyz

— Patrick Hillmann (@PRHillmann) April 20, 2023

In November, CZ announced plans for Binance to liquidate its position in FTX Token (FTT) prior to FTX’s bankruptcy, hinting that Binance would consider purchasing the competitor. When the deal fell apart and FTX filed for Chapter 11, the two industry heads traded barbs through social media, with CZ calling SBF a “fraudster” and the former FTX CEO suggesting that Zhao lied about the buyout discussions.

Zhao continues to lead Binance as CEO and regularly posts messages on social media amid changes to the regulatory environment for crypto firms. Bankman-Fried, in contrast, faces 13 federal charges, including those related to bribery and wire fraud, and has only limited internet access as part of his bail conditions.

Magazine: Can you trust crypto exchanges after the collapse of FTX?

Binance CEO CZ: Regulators need deep understanding crypto for proper rules

Binance CEO Changpeng Zhao emphasizes the need for a proper understanding of the crypto industry by regulators and active engagement by industry players to achieve regulatory clarity.

In a fireside chat during the Hong Kong Web3 Festival, Changpeng Zhao (CZ), CEO of Binance, expressed that it is important for crypto regulators to have a deep understanding of the industry to facilitate proper crypto regulations. The fireside chat was moderated by Deng Chao, the CEO of Hashkey Capital.

According to CZ, “There is a very natural tendency to borrow traditional financial industry regulations to apply to crypto. Crypto is different from banks and traditional financial industries” He went on to explain that knowing the answers to simple questions like how to classify different assets is important in deciding on regulations for the industry, as there are many types of crypto assets. Some assets may look like securities, others like commodities, or utility tokens, some may even have a combination of those characteristics.

When asked his recommendation on good regulation framework, CZ said that having unclear regulations is “the worst” and having regulatory clarity is better. He went on to say that it’s best to let the industry develop fully before introducing regulations. The particular reason for this is that it’s difficult to predict what exactly is going to be popular in the industry.

In relation to crypto industry players and their approach towards crypto regulators, CZ advised that there is a need to be very actively engaged with them. He explained that though many of the crypto regulators all around the world are very receptive, there are some who are still very skeptical. However, skepticism should deter crypto industry players from engaging the regulators in conversations.

Responding to what could trigger mass adoption of crypto, CZ said that the fact that many governments are trying to come for crypto may actually be the trigger to make crypto grow. He explained that the government’s efforts in shutting down banks, fiat access and putting more restrictions on the traditional financial markets actually push more people towards crypto.

CZ stressed the need for crypto industry players to exercise patience. He said that understanding that the first draft of regulations is always likely overly restrictive is important and so in just a matter of time, a balance is usually found.

Hong Kong supporting web3 recently showed support for Web3 by taking major steps to develop the Web3 industry.

Magazine: Thailand’s $1B crypto sacrifice, Mt Gox final deadline, Tencent NFT app nixed