Binance co-founder He Yi says CZ received ‘most optimal outcome’

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Former Binance CEO Changpeng Zhao, often known as CZ, is in a “positive situation,” according to the cryptocurrency exchange’s co-founder He Yi. CZ is set for sentencing in the United States on one felony charge on April 30.

Yi “dispelled concerns over the regulatory status” at the Binance Chinese Meetup held on the sideline of the Token2049 conference in Dubai, according to the company’s newsfeed. The post did not quote her directly, but added Yi said that:

“CZ’s current standing in the US is largely peaceful and past regulatory pressures have been internally anticipated. She believes the existing situation to be the most optimal outcome given the circumstances.”

When he is sentenced in the District Court of Western Washington, CZ could receive a prison term of up to 10 years. The sentence recommended in the guidelines is 12 to 18 months. The single charge resulted from a settlement reached in November that also required the company to forfeit $4.3 billion. That settlement forced CZ to resign as Binance CEO.

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CZ is free in the United States on a $175-million bond, with travel restrictions. He twice requested permission to travel to Dubai, where he lives, because of a medical situation involving one of his children. In response, the U.S. Attorney’s Office sought to seize his passports. CZ holds a Canadian passport and is also a citizen of the United Arab Emirates.

Yi is the mother of at least two of CZ’s three children, although she has denied that they are currently romantic partners. She owns an undisclosed stake in the exchange.

Source: CryptoCoins68

Binance has been distancing itself from CZ since his resignation as CEO. He was replaced by Richard Teng, the former Binance head of regional markets outside the United States. Teng has emphasized that Binance is “totally different” under his leadership. The exchange formed a board of directors earlier this month.

According to reports on April 18, Binance received a Virtual Asset Service Provider (VASP) license in Dubai. As a licensing condition, CZ was reportedly required to give up voting rights in the local entity, Binance FZE, although Binance has declined to comment on that claim.

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