Binance Co-Founder Optimistic Amidst CZ’s Legal Situation

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At a meetup in Dubai, Binance co-founder He Yi addressed the legal circumstances of Changpeng Zhao, also known as CZ. Yi provided reassurance regarding the former CEO’s situation, as CZ awaits sentencing in the United States. Despite the impending legal consequences, Yi described CZ’s position as “largely peaceful.” This update was shared during the Token2049 conference, a major event for cryptocurrency enthusiasts and industry professionals.

Yi’s comments came after CZ agreed to a plea that led to his resignation from Binance. The agreement also included a substantial forfeiture by the company, totaling $4.3 billion. CZ, who now faces a possible sentence of up to 10 years, will receive his final sentence on April 30. However, sentencing guidelines suggest a more likely term of 12 to 18 months.

Binance Co-Founder Discusses Regulatory Confidence

Yi delved into the broader implications for Binance’s regulatory position. She emphasized the proactive approach that Binance needs to adapt to navigate regulatory landscapes smoothly. These efforts are evident from Binance’s recent acquisition of a Virtual Asset Service Provider (VASP) license in Dubai. This license signifies a crucial step in solidifying Binance’s commitment to comply with local regulations.

Acquiring the VASP license aligns with substantial transformations within Binance’s organizational framework. Following the resignation of Zhao, Richard Teng assumed the reins, heralding a fresh strategic trajectory for the company. Under Teng’s stewardship, Binance has undergone a restructuring process, including the establishment of a newly formed board of directors. These initiatives highlight Binance’s commitment to fortifying its operational stability and adhering to regulatory compliance.

Yi Clarifies Role and Relationship with CZ

In addition, a glimpse into the personal aspects of CZ’s life was offered. The mother to some of CZ’s children, He Yi, explained in detail their relationship at present; they are not romantic partners but only good friends. She retains the position of shareholder in Binance, which means her participation in decision-making in the company will continue.

Zhao has encountered obstacles, as evident from legal documents. He requested clearance for international travel due to a family health concern, a decision that attracted increased scrutiny from American authorities. Despite these challenges, Yi’s statements point to a stable outlook regarding CZ’s situation and Binance’s future prospects.

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