What’s next for CZ and Binance’s future?
Some people are quick to label @cz_binance and @Binance as criminals. But let’s clear things up. CZ, ex-Binance CEO, admitted to not adhering to anti-money laundering rules. This is common for new crypto companies. What’s next for CZ and Binance’s future? Let's dive in!
Now, CZ is dealing with some legal issues in the United States. He might have to go to jail for up to ten years because of a legal agreement last week. The Department of Justice (DOJ) is also discussing if CZ might try to escape.
CZ was let out of jail on a $150 million bond and was allowed to stay in the United Arab Emirates (UAE) until 14 days before his sentencing on February 23, 2024. But, U.S. prosecutors are questioning the bond agreement.
Recently, Judge Richard Jones stopped a decision that would have let CZ go back to the UAE, where his family lives. The judge said that CZ can’t go to the UAE until a court decides on a review from the U.S. government.
CZ stepped down as Binance CEO on Nov. 21. He confessed to a felony, agreeing to pay $150 million. This deal saved Binance from further charges at the cost of about $4.3B. This doesn’t make him a criminal, it’s just a reminder of the complex rules in the crypto world.
