Court Accepts Former Binance CEO CZ’s Guilty Plea; What Next?

Judge Richard Jones of the U.S. District Court for the Western District of Washington in Seattle accepted the guilty plea filed by Changpeng Zhao, the former Binance chief executive officer who had in November 2023 pled guilty of charges related to anti-money laundering (AML) laws.

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Judge Accepts CZ Guilty Plea

According to the court documents, Judge Jones had on Wednesday, December 6, 2023, accepted the plea of guilty of defendent Changpeng Zhao to the money laundering charges. On November 22, 2023, CoinGape reported that the former Binance CEO entered the guilty plea with the US Department of Justice. On the other side, the Department had reportedly sought a $4 billion settlement fee. Meanwhile, the Judge did not make any comment on whether or not CZ can leave the United States.

The Court said,

“This Court, having considered the Report and Recommendation of the United States Magistrate Judge, to which there has no timely objection, and subject to consideration of the Plea Agreement, hereby accepts the plea of guilty of the defendant. The defendant is adjudged guilty of such offense.”

The Binance founder faces sentencing in February 2024, before which he consented to return to the United States. Following CZ’s pleading guilty to the charges, the prosecutors asked a federal judge not to allow Changpeng Zhao to leave the US before the sentencing hearing scheduled for February 23, 2024.

Phase Of Compliance

After CZ left Binance as the CEO, some industry stakeholders said the crypto ecosystem could be in for a tighter regulatory environment in the years to come. Cardano founder Charles Hoskinson said CZ’s exit could mark the transitioning from a period of rapid growth and innovation to a demanding phase of compliance or adopting decentralized systems.

Former SEC official John Reed Stark said CZ’s departure and the extended stay in the United States could potentially lead to more findings or shortcomings in Binance’s operations.

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