Binance Co-Founder He Yi Addresses Legal Circumstances of CZ and Regulatory Confidence
At a recent meetup in Dubai, Binance co-founder He Yi addressed the legal circumstances surrounding Changpeng Zhao, also known as CZ, the former CEO of the popular cryptocurrency exchange. Yi provided reassurance regarding CZ’s situation as he awaits sentencing in the United States, describing his position as “largely peaceful” despite the impending legal consequences.
The update was shared during the Token2049 conference, a significant event for cryptocurrency enthusiasts and industry professionals. Yi’s comments came after CZ agreed to a plea deal that led to his resignation from Binance and a substantial forfeiture by the company totaling $4.3 billion. CZ now faces a possible sentence of up to 10 years, with sentencing guidelines suggesting a more likely term of 12 to 18 months.
Yi also delved into the broader implications for Binance’s regulatory position, emphasizing the proactive approach the company needs to take to navigate regulatory landscapes smoothly. Binance recently acquired a Virtual Asset Service Provider (VASP) license in Dubai, a crucial step in solidifying its commitment to comply with local regulations.
Following Zhao’s resignation, Richard Teng assumed the reins at Binance, leading the company on a fresh strategic trajectory. Under Teng’s stewardship, Binance has undergone a restructuring process, including the establishment of a newly formed board of directors, highlighting the company’s commitment to operational stability and regulatory compliance.
Yi also clarified her role and relationship with CZ, explaining that they are not romantic partners but good friends. She retains her position as a shareholder in Binance, allowing her to continue participating in decision-making within the company.
Despite the challenges CZ has faced, including obstacles related to international travel, Yi’s statements suggest a stable outlook for CZ’s situation and Binance’s future prospects. The cryptocurrency community will be eagerly awaiting CZ’s final sentencing on April 30, as the industry continues to navigate regulatory challenges and adapt to changing landscapes.
