Binance Exec Drops Bombshell On CZ’s Billion-Dollar Blunder

As Binance’s ex-CEO CZ awaits his fate on April 30th, co-founder He Yi weighs in, stating that the former’s major error was ignorance. Being a startup with no fancy background, the founding team lacked legal expertise, and even most early management team members, aside from CZ, struggled with English. Both Binance and CZ have faced significant consequences.

Binance co-founder He Yi said that CZ’s biggest mistake was ignorance. As a startup with no fancy background, the founding team members had no legal background, and even most of the early management team members, except CZ, could not even read English. Both Binance and CZ have paid a heavy price.

While awaiting his sentencing, Zhao recently wrote an apology letter to the judge, admitting “poor decisions” and promising to be held accountable. However, according to Zhao’s estimates, regaining the massive crypto community’s trust of 559 billion members demands more than words.

The Department of Justice is now seeking a longer 36-month sentence, which is double the initial 18-month agreement. As reported by TronWeekly, the DOJ has expressed concerns about Binance’s extensive violations and adherence to rules in its court filing. This stricter approach is causing added trouble for firms like Binance, sparking debates on how to navigate the murky waters of crypto regulation.

Binance: Legal Boundaries and Bias

Overall, this case reflects a troubling pattern where U.S. regulators seem particularly biased against non-American crypto enterprises. Critics argue that this could be an attempt by U.S. authorities to maintain control over a global financial system traditionally dominated by the West. This theory is further supported by the recent lawsuit against Justin Sun, the Chinese entrepreneur behind TRON. Sun has been charged by the SEC for conducting an unregistered securities offering, among other violations.

These actions against non-American figures like Zhao and Sun raise questions about a possible double standard in the enforcement of regulations, where foreign crypto leaders face harsher scrutiny and stricter penalties compared to their American counterparts. This has fueled conspiracy theories suggesting that these legal challenges are not just about enforcing regulations but are also a strategic move to stifle competition from outside the U.S., ensuring that the epicenter of financial innovation remains within American borders.

Lipika Deka: Lipika is a crypto-journalist at TWJ. A graduate in economics and finance, she has a keen interest in the political and socio-economic facets of blockchain technology and the cryptocurrency industry.