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Binance founder’s sentencing hearing
Changpeng Zhao pleaded guilty to money laundering; prosecutors have asked for three years in prison.
Changpeng “CZ” Zhao, the owner and CEO of the cryptocurrency exchange Binance, has agreed to step down and plead guilty to breaking anti-money-laundering laws, according to papers filed in a Seattle court on Tuesday. For instance: “Binance’s decision to prioritize commercial success over compliance with US law has been, as Lim paraphrased Zhao’s position on the matter, a ‘biz decision.’” I never get tired of reading these complaints. Now to be clear, I don’t think Binance is the only entity ever to decide that skirting US law to acquire more customers — after all, US pharma companies have been making billion-dollar settlements over that exact same “biz decision.” But I do think explicitly writing that you are deliberately doing that is a real clown move.
Or read this on The Verge
