I doubt he’ll get time. Rich people don’t go to jail. Well, he’s Chinese so maybe.
Salamendacious@lemmy.world 10 months ago
Changpeng “CZ” Zhao, the cofounder of Binance and a central figure in the crypto world, is also stepping down as CEO under the settlement.
Zhao is pleading guilty to breaking anti money-laundering law, per the justice department. Zhao will personally pay $50 million in fines, and faces up to 18 months in prison,
Man I feel like he’s getting off light honestly and I saw there are more charges from the SEC but how is he the only one facing time?
tastysnacks@programming.dev 10 months ago
Mercival@lemm.ee 10 months ago
I love how just a year ago, he was the one to call out FTX.
People in glass houses shouldn’t throw stones and all that…
The whole industry seems like a criminal plot at this point.
sv1sjp@lemmy.world 10 months ago
Binance has no problem with its clients. FTX literally invested the money of the people in high risk assets, and they ended up bankrupted.
In the day of the Binance’s trial, people withdraw more than billion of dollars worth Cryptos. Binance didn’t end up bankrupt as they are holding A LOT.
shortwavesurfer@monero.town 10 months ago
Centralization allows for this. If people exchanged crypto peer to peer transaction amounts would be much smaller and no one person or company would have nearly as big of a share as binance. So I will continue to say not your keys, not your coins.
cheese_greater@lemmy.world 10 months ago
sv1sjp@lemmy.world 10 months ago
If you are trading, its a cheaper choice. (Except if you are trading in Blockchains like polygon) Also, “not your keys not your coins”, but most people are losing access to your Facebook account (without 2FA), they have no chance to keep their own keys…
JamesNZ@lemmy.world 10 months ago
We only know ftx was stealing due to a run on the exchange. Binance could also easily be in the same boat, we just don’t know, as they have not been tested for there liquidity. Also it turns out ftx pretty much had the money, but it just was not liquid.
sv1sjp@lemmy.world 10 months ago
Βinance had shared publicly many of its wallets in many Blockchains.
JJROKCZ@lemmy.world 10 months ago
FTX was a scam, they literally stole from their clients. The only failure of Binance is they failed to reject certain clients certain governments asked them to reject
yiliu@informis.land 10 months ago
FTX stole from customers. Binance didn’t sufficiently spy on its customers. They are not the same.
TheBlue22@lemmy.blahaj.zone 10 months ago
Crypto is rotten to the core.