Binance Ex-CEO Confesses To Feeling Scared In Testimony

Binance Ex-CEO’s legal steps and courtroom discourse following allegations in the US mark a pivotal moment in recent financial affairs.

Changpeng Zhao of Binance holding his head in disbelief infront of the SEC Tower.
Created by Gabor Kovacs from DailyCoin
  • Binance has reached a settlement with the US government amidst an ongoing legal dispute.
  • CZ has rejected UAE citizenship as a means to shield himself from legal proceedings.
  • The judge has commended CZ’s proactive approach in coming to the US.

Binance, along with its CEO Changpeng Zhao, has struck a deal with the US government regarding the lawsuit filed against them. CZ, who held the CEO position at Binance for a considerable time, has stepped down following allegations in the USA. His courtroom remarks were disclosed by the BitMEX research team.

CZ Seeks to Close Case Quickly

CZ stressed his eagerness to swiftly resolve the issue and move ahead. He highlighted his clean record, affirming that he had no prior courtroom experience or criminal history. Despite being offered citizenship by the UAE, CZ chose not to utilize it as a shield from legal proceedings, opting instead to confront the matter directly.

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Expressing his stance, CZ stated, "I just want to close the issue. That's why I want to take responsibility and close this page in my life. So it's a very simple mindset for me."

CZ admitted feeling uneasy before the court visit and uncertain about what to anticipate. However, he found reassurance in the judge’s comprehensive explanations and approach, which left him content.

He made it clear that his intent was to personally resolve the issues, emphasizing that his appearance in court was driven by his desire to take charge and address the problems himself.

Judge Praises CZ’s Action

The judge lauded CZ’s actions, understanding his decision to come to the US to settle the matter. The judge also noted that CZ wasn’t obligated to come to the country and acknowledged CZ’s apprehensions about the case.

“I think you tend to choose to stay in the UAE. Because I think everyone who appears in this court always carries the risk of escaping. However, in my opinion, you came here even though you were not obliged to come to the country. At this point, your actions are due to your concerns.” the judge expressed to CZ.

As a result, CZ has been allowed to live in the UAE during the period leading up to his sentencing. Nevertheless, CZ is required to return to the USA 14 days before the scheduled sentencing takes place.

On the Flipside

  • Legal experts questioned the DOJ-Binance settlement. Several found it unusual for Zhao to agree to pay such a significant sum and still face criminal charges. 
  • Binance still faces lawsuits from the U.S. SEC and CFTC.

Why This Matters

The decision by Binance’s former CEO, Changpeng Zhao, to confront legal challenges head-on without seeking refuge in his status sends a crucial message about accountability in the crypto industry.

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Learn more about the market reaction to the Binance enforcement action here:
Market Conflicted as CZ Quits and Binance Settles with DOJ

Read more about the Binance-DOJ settlement and CZ’s resignation:
Here’s What Binance’s $4B Settlement and CZ’s Resignation Means

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Kyle Calvert

Kyle Calvert is a cryptocurrency news reporter for DailyCoin, specializing in Ripple, stablecoins, as well as price and market analysis news. Before his current role, Kyle worked as a student researcher in the cryptocurrency industry, gaining an understanding of how digital currencies work, their potential uses, and their impact on the economy and society. He completed his Masters and Honors degrees in Blockchain Technology within Esports and Business and Event management within Esports at Staffordshire University.