It's official CZ pleaded guilty to a felony charge of violating money laundering laws. CZ's on bail at $175M. He's replaced by Richard Teng after he resigned as CEO of Binance. The exchange's got to pay $4.3B to settle the case.
This will be a long case and we see a new drama starting to unfold, where CZ is forced to resign as CEO of Binance for proven reasons of money laundering crimes. It seems like this will never stop and the exchange will continue to be monitored by those in power and if something happens they will go after and force the CEO or whoever is at fault to resign or pay compensation. Is the harsh action they gave appropriate or commensurate with the perpetrator?
Did we consider Sam Bankman Fried & Changpeng Zhao would've been convicted criminals in 2023? They're going to be sentenced next year.
If the legal decision is binding then of course they are just waiting for their time, but have we ever thought about how this game started and how the story will end?