"4" (Billion Dollars) To End Binance Case
Settling the criminal case against Binance does not let CZ off the hook, but he's safe for now.
US authorities have demanded over $4 billion to end the criminal case against Binance. The Department of Justice is reportedly in negotiations with the exchange to settle charges of money laundering, bank fraud and violating US sanctions laws. The deal would still leave open the possibility that CEO Changpeng "CZ" Zhao himself would face criminal charges.
The criminal case against Binance could be settled within a matter of weeks. $4 billion is a huge sum, but Binance can afford it. Moreover, it's an interesting development at the present time, when crypto is going mainstream. It's a small price to get some of the mess out of the way.
Naturally, Crypto Twitter/X thought the development hilarious, since "4" has been CZ's response to FUD since the beginning of the year.
Binance could, of course, refuse to pay and take their chances in court. But that outcome is highly unlikely. The organization has been given (almost literally) a Get Out Of Jail card. It's far from free, but coughing up $4 billion is an investment in the future of Binance and, by extension,
Fugitive From The Law
CZ is resident in the United Arab Emirates, which does not have a bilateral extradition treaty with the US. It will consider cases on an individual basis, but the bar for extradition is high. Delays and denials are common.
There are no guarantees, but so long as CZ stays in UAE, he is much safer than he would be in most other countries. If he travels to a country that does have a treaty with the US, he could be arrested. If convicted, he could spend many, many years behind bars.
From CZ's perspective, he's in the right place. Although a criminal lawsuit would be inconvenient, and bad optics for Binance and its CEO, it will present no immediate risk.
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