The ongoing criminal case against CZ, the founder of Binance, the world's largest cryptocurrency exchange, was concluded yesterday and CZ was sentenced to four months in prison.
While US prosecutors requested a 36-month prison sentence for CZ, the court did not accept this request and gave CZ a much lesser sentence.
CZ made his first statement after this sentence and thanked everyone who supported him during this process.
“I want to thank everyone for your care and support throughout this process, whether it's writing a letter, showing support at X, or any other way. They all mean so much to me and keep me strong.”
Referring to the project he started called Giggle Academy, CZ stated that he plans to devote most of his life to education.
“Funds SAFU!”
Finally, CZ stated that he will remain a passive investor (and owner) in the cryptocurrency industry and stated that the crypto industry has entered a new phase.
“I will remain a passive investor (and owner) in crypto. Our industry has entered a new phase. Compliance is key.
The positive side of this whole process is that Binance is under the spotlight. And the funds are SAFU.”
I would like to thank everyone for your care and support, be it writing letters, showing support on X, or in any other form. They all mean a lot to me and keep me strong. I will do my time, conclude this phase and focus on the next chapter of my life (education).
I will remain a…
— CZ 🔶 BNB (@cz_binance) May 1, 2024
As you may remember, Binance and its former CEO CZ pleaded guilty to anti-money laundering and violating US sanctions charges within the scope of the agreement with the US government.
While signing one of the largest corporate agreements in US history, Binance paid 4.3 billion dollars within the scope of this agreement; As part of the agreement, CZ resigned from his position as Binance CEO and agreed to pay a fine of $50 million.
*This is not investment advice.
