Binance founder should be jailed for 36 months, US prosecutors say

[buwaytress]

Man did so many wrong things, helped terrorists to launder millions of dollars and this is the punishment for him? If you live in the USA and declare slightly wrong income, you might face prison.

Do tell me, how many years in prison did Deutsche Bank CEO got for laundering 10 billion dollars? Or they just paid the fine and went on with business as usual. 

White collar crime pays. 4 months and a few billion in fines. Oh believe me, crime pays. I've always said it. Wear a suit and tie, don't piss of the wrong people (it's okay to rob the poor and working class, just not your other friends in suits). You'll squirrel enough away to make the (short) jail trip worthwhile.

Why? Because of corruption? By the way this looks like a corruption, the difference is that stakes in the US are one of the highest.

Because people as rich as CZ rarely go to prison for stuff like this in vast majority of countries. As a matter of fact, I read somewhere that he is the richest man ever that will end up in prison serving time.

I think the only reason he actually will serve jail time, as comfortable a prison as it'll end up being, is that he didn't have enough politician friends in the US.

[Rikafip]

White collar crime pays. 4 months and a few billion in fines. Oh believe me, crime pays. I've always said it. Wear a suit and tie, don't piss of the wrong people (it's okay to rob the poor and working class, just not your other friends in suits). You'll squirrel enough away to make the (short) jail trip worthwhile.

That's for sure, especially in this day and age when you can easily lose bitcoin in a boating accident. 

I think the only reason he actually will serve jail time, as comfortable a prison as it'll end up being, is that he didn't have enough politician friends in the US.

Him being Chinese also probably didn't help.

[EarnOnVictor]

The Binance founders and former CEO, Changpeng Zhao is expected to be sentenced on April 30. He pleaded guilty for money laundering last year and he paid a fine of $50 million.

The sentence may likely be 3 years.

https://cointelegraph.com/news/binance-cz-jail-36-months-us-prosecutors

Hahaha...I am just seeing this now, well, Changpeng Zhao has already been sentenced already, but I must say that I am not satisfied with the jail term handed to him. The 4-month jail term handed to him is too little and I think that regardless of whether he pleaded guilty or not, the 36 months (3 years) was supposed to be a more appropriate sentence in my opinion to be a deterrent for others like him. Before you close and open back your eyes the 4 months are over, this will never teach these rich guys any lesson.

They will continue the money laundry and illegal acts simply because they have money. This is also the reason why I keep asking myself whether the law is for the poor alone as the rich due to the money they have and their status in society always find their way around it to either escape justice or be served a minimal one.

[buwaytress]

Him being Chinese also probably didn't help.

Heh, yeah, it's not PC to say these things these days, but it surely didn't help. Neither did it help he isn't exactly loved by the CCP, either, given him scurrying off from HK to Japan in Binance's infancy.

They will continue the money laundry and illegal acts simply because they have money. This is also the reason why I keep asking myself whether the law is for the poor alone as the rich due to the money they have and their status in society always find their way around it to either escape justice or be served a minimal one.

Age old question, and there are plenty of outliers with the small guy winning for once, but the law, as long as it's politicised (which it is), can only favour the status quo. Of course, we get upheavals where the letter of the law crumbles and the status quo is replaced in bloody fashion, but the cycle only renews then.

We're all trying to be part of that, at least I realise it =D

[Rikafip]

Hahaha...I am just seeing this now, well, Changpeng Zhao has already been sentenced already, but I must say that I am not satisfied with the jail term handed to him.

All of you who expected that one of the richest persons in thr world (who also pleaded guilty) will gte a long term sentence over something like this is extremely naive. Tbh, I am surprised that he even got those 4 months, let alone 3 years as demanded by prosecution. 

The 4-month jail term handed to him is too little and I think that regardless of whether he pleaded guilty or not, the 36 months (3 years) was supposed to be a more appropriate sentence in my opinion to be a deterrent for others like him.

Do you honestly believe that even 3 years in prison would be a real deterrent for someone not to engage in money laundering that can bring him billions of dollars?

[EarnOnVictor]

Hahaha...I am just seeing this now, well, Changpeng Zhao has already been sentenced already, but I must say that I am not satisfied with the jail term handed to him.

All of you who expected that one of the richest persons in thr world (who also pleaded guilty) will gte a long term sentence over something like this is extremely naive. Tbh, I am surprised that he even got those 4 months, let alone 3 years as demanded by prosecution.

There is no naivety here but a preaching of justice, and a show of the fact that the justice system is bad, at least in some cases like this. If a huge money could be laundered where terrorists, drug barons, and child and human traffickers are the end gainers, and the pusher of the money was caught and has such a reduced sentence. Such would never sit down well with someone like me, I don't know of you.

He should have even been forgiven with no jail term since that is what you seem to want.

The 4-month jail term handed to him is too little and I think that regardless of whether he pleaded guilty or not, the 36 months (3 years) was supposed to be a more appropriate sentence in my opinion to be a deterrent for others like him.

Do you honestly believe that even 3 years in prison would be a real deterrent for someone not to engage in money laundering that can bring him billions of dollars?

Yes, it will be a deterrent for them. Maybe you should do the calculation of the 4 months they slammed on him x 10 + an extra 2 years or thereabout. If he spends a minimum of such in jail with hard labour at the same time, can you compare it with the luxuries of his home and the social life he would miss?

Of course, he can't be kept in jail forever, but one punishment outweighs the other, and hence the deterrence.

They will continue the money laundry and illegal acts simply because they have money. This is also the reason why I keep asking myself whether the law is for the poor alone as the rich due to the money they have and their status in society always find their way around it to either escape justice or be served a minimal one.

Age old question, and there are plenty of outliers with the small guy winning for once, but the law, as long as it's politicised (which it is), can only favour the status quo. Of course, we get upheavals where the letter of the law crumbles and the status quo is replaced in bloody fashion, but the cycle only renews then.

We're all trying to be part of that, at least I realise it =D

That's a very good one...The justice and equity preached are not equal. That's the world we live in.

[Rikafip]

He should have even been forgiven with no jail term since that is what you seem to want.

Nope, but I am also not disappointed with 4 month prison sentence because I understand how things work in real life. Let me remind me you that is the richest person ever that will serve time in prison, so I see this as a win and not a loss. Especially since banks do this kind of stuff all the time and all they get is slap on the wrist.

[Husires]

He should have even been forgiven with no jail term since that is what you seem to want.

Nope, but I am also not disappointed with 4 month prison sentence because I understand how things work in real life.

I am trying to understand how these 4 month prison will affect him. Either he will return as a peaceful person and not try to engage in any activity that the government does not want, or he will go in the opposite direction. CZ does not seem like someone who gives up easily.

[EarnOnVictor]

He should have even been forgiven with no jail term since that is what you seem to want.

Nope, but I am also not disappointed with 4 month prison sentence because I understand how things work in real life.

I am trying to understand how these 4 month prison will affect him. Either he will return as a peaceful person and not try to engage in any activity that the government does not want, or he will go in the opposite direction. CZ does not seem like someone who gives up easily.

Of course, there will be a little bit of remorse, and I wonder if he will return to being the CEO of Binance anymore, even though he could still be the one cutting the shot indirectly. I suspect that he will do that to further save his head from a lot of issues because if CZ is caught again as the person in charge, it will be tougher than it was this time, so I am sure he will try to play smart.

Canada just slammed Binance with a $4.38m fine for money laundering, and this could only mean that they are not so strong in Canada as they are in the US (Binance.US) where thorough means of regulation was put in place, or else, it would have been worse on the revelation that Canada would have found.

I wonder what is happening in the global branch of Binance where no one is there to question them. If it had been exposed, probably, CZ would have been given life...

[Darker45]

I am trying to understand how these 4 month prison will affect him. Either he will return as a peaceful person and not try to engage in any activity that the government does not want, or he will go in the opposite direction. CZ does not seem like someone who gives up easily.

I don't think CZ is the kind of person who will get worse when jailed. I don't know much about the man but he impresses me as somebody who can easily survive locked in a room for 4 months. He seems a bit geeky. He can easily get by with books, a pen, and pieces of paper, things which a billionaire can easily obtain from inside the prison.

There's no point giving up, but it's probably not even a question. CZ seems to remain cool. I guess that's what being a Chinese businessman means. They don't quit.

[shield132]

I know that he is guilty and it's probably good that he at least spends 3 years in jail but I don't understand why is his coin BNB rising? BNB is very bullish, went from 200 to 600 in very quickly. There is a news announced that he will face jail and BNB doesn't fall. It's also announced that it has recently been suid in Canada for securities law violations and Philippines SEC orders Apple and Google to remove Binance from their stores. BNB rises again, what the hell is Binance doing with it? I think Changpeng Zhao should spend more time in jail because he was always manipulating BNB.

Changpeng Zhao is no longer the CEO of Binance, he is the founder and in theory he cannot control Binance, so BNB will not react negatively to this CZ news. The reason for the growth of BNB price is Binance Launchpool Tokens, which are bought and staking with high APY in the hope of making a good profit. But all they do is pumping BNB, which distribute back to Launchpool investors.

He is no longer the CEO because of this accident but I think absolutely every human knows that it was a written script and the new CEO is just a puppet of CZ. That's how they deal with these situations. For example, politicians in my country buy penthouses and mansions on their family members' names, and it looks like they own nothing on paper but everyone knows that they own. I was expecting that everyone would know that the new CEO is just a puppet and CZ stands behind the scenes and that people would dump BNB, that's why I opened a short position on futures but I was wrong. Even though BTC price declines and BNB still stands strong, the BNB/BTC pair is increasing in favour of BNB. People feel very bullish about this coin and don't want to learn from mistakes, FTX accident was not a good lesson.

For the next 3 years, our beloved Binance will be under FRA surveillance
Source - Cointelegraph