![]() He retains his ownership stake in Binance, a company that has now resolved some of its biggest legal issues." "He isn't likely to spend too much time in a U.S. "He still has enormous wealth," Frenchman said. government likely had to entice him to come to the U.S., said Robert Frenchman of Mukasey Frenchman LLP. Given the seriousness of the violations and actors involved, Zhao appears to have "come out of this looking pretty good" as the U.S. Zhao is worth $10.2 billion, according to Forbes. Since Zhao appears to be retaining his stake in Binance, however, it's possible he may still be able to exert influence on the company, Yadav added. "This deal.looks designed to give Binance the chance to live another day, while removing CZ, a figurehead who has been so intrinsically linked to the growth of a business model," she said. Vanderbilt University law professor Yesha Yadav said while the fine was extremely large it appeared manageable for Binance. In a separate statement, Teng said that his focus would be on "reassuring users that they can remain confident in the financial strength, security and safety of the company." ZHAO RETAINS BINANCE STAKE "These resolutions acknowledge our company’s responsibility for historical, criminal compliance violations, and allow our company to turn the page," Binance said in a statement. Richard Teng, a longtime Binance executive, will take over at Binance, Zhao said in his post. The deal raises questions over the future of the crypto exchange, which he has tightly controlled. While authorities have probed Zhao and Binance for years, Zhao's exit marks a dramatic development for one of the most powerful figures in the crypto industry, and for Binance. This is best for our community, for Binance, and for myself." I made mistakes, and I must take responsibility. "Admittedly, it was not easy to let go emotionally. ![]() "Today, I stepped down as CEO of Binance," Zhao said on social media after the settlement was announced. He pleaded guilty in a Seattle court on Tuesday afternoon. Zhao, a billionaire, was born in China and moved to Canada at the age of 12. Binance will pay $1.81 billion within 15 months, and a further $2.51 billion forfeiture as part of the deal, prosecutors said.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |