Along with other agreements and pending developments, such as the US Securities and Exchange Commission (SEC) approval of a spot Bitcoin ETF, Zhao’s deal with US regulators marks the beginning of a truce between the authorities and representatives of the entire crypto industry.
According to experts interviewed by Bloomberg journalists, the exchange’s CEO Changpeng Zhao had a difficult choice – to become a banned person in the United Arab Emirates or to sacrifice part of his wealth and possibly spend 18 months behind bars, thus solving all of Binance’s problems with Department of Justice and SEC.
“Changpeng Zhao has chosen a path that provides the opportunity for Binance to continue operating as the world’s largest cryptocurrency exchange and for Zhao to maintain his status in the top 100 of the Bloomberg Billionaires Index. Binance has a chance to be “reborn in a civilized and regulated territory,” and US regulatory authorities have demonstrated a willingness to accept it as a legal participant in the digital asset market,” Bloomberg comments.
Binance has a chance to be “reborn in a civilized and regulated territory,” and US supervisory authorities have demonstrated their readiness to accept it as a legal participant in the digital asset market, Bloomberg experts conclude.
If the outcome of the transaction is satisfactory to both parties, the industry can expect a more favorable attitude from government authorities towards the activities of participants in the digital assets and crypto transfers market.
On Monday, November 21, at a court hearing in Seattle, former CEO of the Binance cryptocurrency exchange Changpeng Zhao pleaded guilty to violating anti-money laundering measures and US sanctions. The prosecutor’s office intends to prevent Zhao from leaving the United States and flying to the UAE, where he recently lived. According to law enforcement officials, authorities will not be able to force his return to the United States for sentencing.
Source: Bits
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