U.S. prosecutors: seeking a statutory maximum sentence of 10 years in prison for former Binance CEO CZ
In documents submitted on November 24th, US prosecutors indicated that they may seek a statutory maximum sentence of 10 years in prison for former Binance CEO Zhao Changpeng (CZ), which could exceed the sentencing guidelines. The documents were submitted in response to CZ's motion to oppose the US government's detention of him. The prosecutors stated that the upper limit of the sentencing guidelines could be as high as 18 months, and the US could freely assert any statutory maximum sentence of up to 10 years. Former head of the SEC Enforcement Division, John Reed Stark, stated that this is the first time that prosecutors have explicitly and clearly stated that they may seek a maximum sentence of 10 years. A DOJ lawyer supporting the detention of CZ stated that the punishment he faces in sentencing is undoubtedly significant to him, which "helps to reasonably restrict" him.
CZ’s lawyers file motion asking that CZ be allowed to return to UAE
The lawyer of former CEO of Binance, Zhao Changpeng (CZ), has filed a motion to allow Zhao to return to the United Arab Emirates to counter the motion by the US Department of Justice to review his current bail conditions.
CZ submitted documents to the court stating that he "should be allowed to return to the UAE before judgment"
On November 24th, former head of the SEC's Internet Enforcement Office, John Reed Stark, posted on social media that according to court documents, Binance founder CZ claimed that he should be allowed to return to the UAE before the judgment, and CZ plans to fight for "no imprisonment time" (or choose a few months of imprisonment plus a few months of house arrest).
The X page shows that CZ’s account has returned to normal.
As shown on the X (formerly Twitter) page, the account of Binance founder CZ has now been restored to normal. CZ has changed the name of the X account from the previous CZ Binance to the current CZ BNB, and the blue V certification mark has disappeared. The previous "warning: this account is temporarily restricted" may have been caused by the name change.
CZ: Currently “enjoying” all the free time I suddenly have now
Former CEO of Binance, CZ, posted on social media saying, "Thank you for the community's concern and words, although I cannot respond or even see everyone, I am truly grateful." CZ also said, "Although I often joke about wanting to retire early, the transformation has finally arrived and I am trying to adapt to this change. In the past two days, some friends have informed me that there will be a "resilient mindset" phase. Although I am not sure if this is true, as always, my mental state is very stable and I am currently "enjoying" all the free time I suddenly have."
After CZ resigned, the Bitcoin wallet balance on Binance exchange did not fluctuate significantly, with only a decrease of 1117.04 BTC in the past 24 hours.
More than $1 billion of funds had flowed out of the exchange since Nansen disclosed that he had resigned as CEO of Binance. However, according to the latest data from Coinglass, the balance of Bitcoin wallets on Binance exchange has not fluctuated significantly. In the past 24 hours, the balance of Bitcoin wallets on Binance exchange has only decreased by 1,117.04 BTC, and the current wallet balance is 515,434.78 BTC, which is still the largest among cryptocurrency exchanges.
Investors pull nearly $1 billion from Binance after CEO's guilty plea in U.S. money laundering case
Data firm Nansen has reported that investors withdrew approximately $956 million from Binance within the past 24 hours, following the resignation of the exchange's chief, Changpeng Zhao, who pleaded guilty to violating US anti-money laundering laws. Binance has agreed to pay $4.3 billion to US authorities to settle a long-standing illicit finance investigation, which has raised concerns about the future of the world's largest crypto exchange. While Zhao has been replaced by Richard Teng, a senior Binance executive, the news has still unsettled some customers of the exchange, although the outflows are relatively small compared to the platform's total holdings.
DWF Labs Lianchuang: CZ has played a vital role in the entire encryption industry
Andrei Grachev, co-founder of DWF Labs, wrote on X platform that CZ has played a crucial role in the entire cryptocurrency industry. He has established the largest market, chain, ecosystem, and millions of cryptocurrency users. However, we need to learn and move forward on how to play the game. Starting is ending, and ending is starting.
CZ: In 30 years, there will no longer be centralized exchanges
CZ previously stated in an interview that there will no longer be centralized exchanges in 30 years, everything will be decentralized, all applications will run on the blockchain, and each user will be able to ensure the safety of their holdings.
CZ releases internal letter: I will have to endure some pain, but I will survive
On November 22nd, CZ released an internal letter stating:
