He Yi CZ, the co-founder of Binance, said that he had a ‘very good result’
Former Binance CEO Changpeng Zhao, commonly known as CZ, is in a “positive mood,” said cryptocurrency exchange co-founder He Yi. CZ is scheduled to be sentenced on April 30 in the United States on one count of criminal charges.
At the Binance Chinese Meetup held alongside the Token2049 conference in Dubai, Yi “dismissed concerns over the regulatory situation,” according to the company's news outlet. The post didn't quote her directly, but Yee said:
“CZ's current position in the US is largely peaceful and past regulatory pressures have been domestic. She believes that it is a very good result given the circumstances.
When sentenced in Western Washington District Court, CZ could face up to 10 years in prison. The recommended sentence in the guidelines is 12 to 18 months. The single lawsuit, filed in November, will force the company to forfeit $4.3 billion. That settlement forced CZ to step down as CEO of Binance.
Related: Facing jail time, ex-Binance CEO hints at new project
CZ is free in the United States on a $175-million bond with travel restrictions. He has twice sought permission to travel from Dubai, where he lives, because of the health problems of one of his children. In response, the US Attorney's Office attempted to confiscate their passports. CZ holds a Canadian passport and is a citizen of the United Arab Emirates.
Yee is the mother of at least two of CZ's three children, although she denies they are currently romantic partners. She has an undisclosed stake in the exchange.
Binance has been distancing itself from CZ since the CEO stepped down. He is replaced by Richard Teng, Binance's former head of regional markets outside the United States. Teng emphasized that Binance is “completely different” under his leadership. The exchange formed a board of directors earlier this month.
According to reports on April 18, Binance received a virtual asset service provider (VASP) license in Dubai. As a condition of licensing, CZ has to give up voting rights in the local entity, Binance FZE, although Binance declined to comment on this claim.
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