Binance CEO Pleads Guilty: Who is Changpeng Zhao?
Here we are going to give the details about Changpeng Zhao as the public is searching about him over the internet. The public is going through the internet to learn more about Changpeng Zhao and not only that they also like to know the details about his recent viral news. So, for our readers, we have brought information about Changpeng Zhao in this article. Not only that we are also going to give the details about his viral news as the public is searching about it over the internet. So, keep reading through the article to know more.
Binance CEO Pleads Guilty
According to a Reuters story, Changpeng Zhao, also known as CZ, the founder-CEO of Binance, the largest cryptocurrency exchange in the world, has resigned from his position after entering a guilty plea to violating US anti-money laundering regulations. According to the news agency, which cited case prosecutors, Zhao consented to a $4.3 billion settlement agreement in a Seattle court on November 21. The agreement included a $50 million personal compensation to settle the dispute. They went on to say that this is one of the biggest corporate fines in American history. Prosecutors told Reuters that as part of the agreement, Binance will forfeit $2.51 billion after paying out $1.81 billion over 15 months.
Legal experts told Reuters that while this most recent result is “a good outcome” for Zhao personally, it also represents another major setback for the cryptocurrency industry following FTX’s Sam Bankman-Fried’s fraud conviction earlier this month. They pointed out that it preserves his money and permits him to keep his ownership in Binance. Zhao, a 44-year-old Canadian citizen, was born in the Jiangsu province of China. According to a Bloomberg story, Zhao’s father, a university professor, was exiled to the countryside during Mao’s Cultural Revolution, and his family migrated to Vancouver when he was twelve years old. Young Zhao studied computer science and was surrounded by technology. He graduated from McGill University with a degree in that discipline.
When he first entered the workforce, was stated that he worked in Tokyo and New York developing trading systems. According to the Bloomberg article, Zhao first experimented with cryptocurrencies in 2013 while playing a friendly game of poker in Shanghai with investor Ron Cao and BTC China CEO Bobby Lee. Zhao was advised by two of his teammates to invest 10% of his net worth in Bitcoin during the game. He allegedly completed his homework and then sold his flat to raise the money. Before founding his own company, he held positions at the cryptocurrency startups Blockchain.info and OKCoin.
