Crypto Exchange Binance and Founder CZ’s Fortunes Set to Grow, Jail or no Jail

Crypto Exchange Binance and Founder CZ’s Fortunes Set to Grow, Jail or no Jail

[CC may contain inaccuracies] Is it likely that he’s going to be
sentenced to those three years?
Yes, that’s a good question.
That’s obviously what we’re all waiting
for.
It’s important to note it was only a
week ago that the US prosecutors had
requested those three years.
The sentencing guidelines that everyone
had been talking about indicated about
18 months.
So this is obviously double that length
of time.
So some of the reasons for why the US
prosecutors have asked for a longer
sentence for those three years.
Is this a flip in attitude?
We know that in the past he’s told his
own employees and this is according to
US authorities, to break the rules, to
wantonly, you know, flagrantly avoid the
regulations that the company should have
been following.
And so it’s that attitude that permeated
through the company.
The US alleges.
That’s one of the reasons that they’re
looking for a harsher a harsher sentence
of three years.
Richard, has it has it been much impact
and going forward to finance itself?
That’s a great question.
There has been very limited impact from
what we can gather, talking to users of
the platform.
And let’s remember that finance is the
largest crypto exchange globally.
Its market share was up to around 60% of
spot crypto.
That’s around 40%.
Now, it did dip in its recover to around
40%.
That makes it still the world’s biggest.
So that’s really important.
Users are still using finance in terms
of its operations.
The board is is basically packed with a
lot of those who are close to ceesay
during his time as CEO.
His partner or former partner who is the
mother of his three children is is
closely involved in the company’s
operations.
Overall, it appears that things are
going quite well.
We saw a 30% increase in users in
calendar year 2023 and also in the year
to the end of March.
Estimated revenues from Bloomberg
estimates are almost 0 billion.
So it’s a hugely profitable business,
doing very well.
And of course, we’ve got the backdrop of
this this boom in crypto assets with
Bitcoin touching a high back in March.
So if Ceesay does go to prison, what are
the chances that he can still sleep well
knowing that he’s still a billionaire?
Yes.
Well, as part of his plea agreement, he
is allowed to keep his shares in
Binance.
He has around a 90% stake.
The value of that is around $43 billion.
He ranks on Bloomberg’s own rich list on
number number 38.
So this is one of the wealthiest
individuals in the world and by far the
wealthiest prison inmates.
When he when he eventually does go to
prison, whether it’s for 18 months or
three years or some time in between.
So he he will still be wildly wealthy
and will be leaving prison after his his
sentence.
A billionaire one expects, given the the
fortunes of finance so far.
And and this resurgence we’re seeing
across across the crypto world helped
along this year by spike Bitcoin ETFs
launched in the US and now today in Hong
Kong as well.

Binance founder Changpeng “CZ” Zhao will face his sentencing hearing on Tuesday after a guilty plea to violating anti-money laundering laws. The US Department of Justice has recommended a 36-month prison sentence for the former chief executive officer of the world’s largest crypto exchange. Richard Henderson reports on Bloomberg Television.
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Crypto Exchange Binance and Founder CZ’s Fortunes Set to Grow, Jail or no Jail

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