According to He Yi, Changpeng Zhao is in good shape going into his sentence hearing in America.
In the days leading up to Changpeng Zhao’s sentence in the US, Binance co-founder He Yi expressed confidence in the former CEO’s predicament. At the Binance Chinese Meetup in Dubai, Yi calmed fears over Zhao’s regulatory standing.
The Binance website highlighted a recent story in which Yi said that Zhao’s present status in the United States is “mostly peaceful and prior regulatory challenges have been properly anticipated.” She thinks this is the best possible conclusion considering all that has happened thus far, according to the article.
Yi has expressed his optimism only days before Zhao’s planned sentencing in the United States, after his admission of guilt on a criminal charge. After the plea deal, Judge Richard Jones of the US District Court for the Western District of Washington will hold a hearing when both the prosecution and Zhao’s defense team will present their cases.
The central element of Zhao’s case is his admission to one claim, namely, that Binance lacked an adequate anti-money laundering (AML) program. As part of the plea deal, he resigned as CEO of Binance. Together with the crypto exchange, he also agreed to pay a settlement of $4.3 billion to end civil enforcement proceedings brought by US regulators. In other words, the SEC won’t be able to do anything about it.
U.S. sentencing guidelines provide that Judge Jones has the power to impose a severe prison sentence of up to ten years on Zhao. But the recommended sentence for his crime falls between twelve and eighteen months. Many people think the ex-CEO of Binance might walk out of prison free because of his cooperative attitude and guilty plea.
The court mandated last month that Zhao turn up his Canadian passport and stay within U.S. borders until his sentence.
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