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Whatever the court's decision, the founder of Binance will remain the richest man in the crypto industry!

A fierce battle is raging between the digital exchange giant “Binance” and the regulators of the United States of America, as events accelerate and facts are revealed one by one. As the Binance founder, who offered himself as a sacrifice for his company's continued success, faces prison, his wealth continues to grow.

Disagreements over the punishment of the richest man in the cryptocurrency industry. What will the court judge decide?

Due to the leak of some of what he had previously told his employees, which revolved around the preference to "ask forgiveness rather than permission when it comes to following the law", the founder of Binance, Changpeng Zhao (or as we know him CZ) finds himself faced with the dilemma of having difficulty convincing a jury to pardon him!

As the sector celebrates today Cryptocurrencies Launch of Bitcoin and Ethereum ETFs in Hong Kong. We are also awaiting the results of the trial of the founder of the Binance exchange in the United States of America. Where is his sentencing hearing taking place today?

Earlier last week, US prosecutors recommended that Changping Zhao be imprisoned for 36 months (3 years). This is a longer period than stipulated in the guilty plea guidelines, due to his violation of US anti-money laundering laws. American prosecutors want to make an example of the founder of Binance.

👈Read more: CZ, the emperor of digital currency platform Binance, where does he come from and where is he going?

Between this and that, and whatever the Seattle court judge decides, CZ will remain at the top of the list of the richest people in the cryptocurrency industry. If imprisoned, he could go down in the history books as the richest person to ever serve a federal prison sentence in the United States of America.

Currently, CZ's fortune is around $43 billion, he said. Bloomberg report. His wealth is also likely to grow further with the development and growth of the Binance exchange, which remains the largest exchange. Cryptocurrency exchange Worldwide, both in terms of trading volume and number of active users. And in light of the rising prices of digital currencies, which analysts expect to reach a new high within 13 to 16 months.

Although he resigned as CEO as part of his deal with the US government, CZ's influence on Binance continues. His close circle of friends leads the new board of directors, Yi Hee, the mother of his children, plays a leading role in running the stock exchange's operations, and CZ himself owns a significant percentage of the stock. the stock market.

A historic deal and a precious sacrifice for the founder of Binance...

Last October, major exchange Binance announced that it had reached a settlement with the US Department of Justice. Under the agreement, Binance agreed to pay a $4.3 billion fine to settle allegations related to violations of anti-money laundering and terrorist financing laws. A US observer will also be appointed to monitor Binance's compliance for five years to ensure it complies with anti-money laundering laws and sanctions.

The agreement also included CZ's resignation from his position, removal from leadership of the exchange and payment of a personal fine of US$50 million. In addition to the possibility of 18 months in prison. But prosecutors later asked that the sentence be increased to three years.

While the United States regulator considers the actions of the Binance founder to pose a threat to the national security of the United States of America, cryptocurrency supporters view CZ as a leader who decided to sacrifice himself for his business and the industry to survive!

👈Read more: Binance Cryptocurrency Wallet User Guide

However, despite the seriousness of the allegations and admissions of guilt by Binance and its former president, the exchange continues to develop and grow as the cryptocurrency market booms. It is still considered the most important company that attracts a large number of investors in the high-risk market. More than 40 million people have joined New user In 2023 only. While customer holdings on the stock market have reached more than 100 billion US dollars.

Since its launch in July 2017, Binance has built a solid relationship with its customers thanks to its professional practices. From the beginning, the founder of the stock exchange has been characterized by his professionalism and has dealt professionally with all the crises the stock market has gone through. The friend and enemy of the founder of Binance realizes that the latter is a seasoned, balanced and extremely committed man.

Beyond the personality of its founder, Binance was able to cope with the demands Cryptocurrency traders People who make hot money, who tend to withdraw their money from the stock exchanges at the slightest sign of trouble. The bond of trust between the exchange and its users was therefore solid.

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