United

<p>The post <a href="https://coinpedia.org/news/former-sec-official-says-changpeng-zhao-is-going-to-jail-binance-and-czs-guilty-plea-was-expected/" rel="noopener noreferrer nofollow">Former SEC Official Says Changpeng Zhao is Going to Jail, Binance and CZ’s Guilty Plea “Was Expected”</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a></p>
<p>Changpeng Zhao “CZ,” CEO of Binance, the largest global cryptocurrency exchange, has pleaded guilty to criminal charges brought by the U.S. Department of Justice. According to John Reed Stark, a former chief at the SEC’s Office of Internet Enforcement, this significant legal twist was anticipated.</p>
<h2 class="wp-block-heading" id="h-john-stark-a-predictable-outcome"><strong>John Stark: “A Predictable Outcome”</strong></h2>
<p>Stark commented that CZ’s resignation and subsequent guilty plea were not surprising. The high-profile CEO reportedly appeared in a Seattle federal court, where he entered a guilty plea and agreed to pay a hefty fine of $50 million. In addition, Binance, under CZ’s ownership, will also plead guilty to a criminal charge, with fines totaling an astonishing $4.3 billion. This includes settlements for civil allegations made by various regulators.</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">CZ and Binance Reportedly Plead Guilty to DOJ Criminal Indictments. Not At All Surprising and As Predicted. <br><br>Changpeng Zhao reportedly appeared and was arraigned in Seattle federal court Tuesday afternoon andentered a guilty plea, which included the payment of a fine of $50… <a href="https://t.co/xSrZ59Ej7e" rel="noopener noreferrer nofollow">pic.twitter.com/xSrZ59Ej7e</a></p>— John Reed Stark (@JohnReedStark) <a href="https://twitter.com/JohnReedStark/status/1727043783718482238?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">November 21, 2023</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 </div>
</figure>
<p>The nature and specifics of these guilty pleas remain unclear, awaiting further details from the DoJ press conference, which is expected to arrive any moment now. The indictment against Binance involves three counts related to significant violations of critical money laundering statutes, including violating the International Emergency Economic Powers Act (IEEPA) and operating an unlicensed money transmitter business.</p>
<h2 class="wp-block-heading" id="h-cz-will-go-to-jail"><strong>CZ Will Go to Jail</strong>?</h2>
<p>Violating sanctions under IEEPA carries severe civil and criminal implications, with penalties including hefty fines and prison sentences. By this, Stark confidently says that he believes CZ is going to jail.</p>
<p>In his own words:-</p>
<blockquote class="wp-block-quote">
 <p>“Based on the allegations in the Binance indictment (which is all I have read so far), IMHO, CZ is looking at definite prison time.”</p>
</blockquote>
<p>The cryptocurrency community is now on edge, awaiting an official statement from CZ. His guilty plea and departure from Binance mark a pivotal moment in the crypto industry, highlighting the ongoing tension between cryptocurrency enterprises and regulatory authorities in the United States.</p>

Former SEC Official Says Changpeng Zhao is Going to Jail, Binance and CZ’s Guilty Plea “Was Expected”

Table of Contents

CoinPedia News

Other articles published on Nov 21, 2023

Purpose Bitcoin ETF sees year-to-date high with 32,433 BTC amid rising investor confidence

Earnings Review: Zoom Reports EPS of $1.29 Beating Expectations

Argentina Unlikely to Join BRICS After Javier Milei’s Victory

Tether Freezes A Staggering $225 Million In USDT – Details

Kaspa (KAS) gains steam with 54% weekly increase

As Analysts Back Kaspa for Top Entry After 1,800% Rise, Could This Bitcoin Alternative Mirror KAS...

Join our free newsletter for daily crypto updates!