Changpeng Zhao Begins Jail Term with Community Support

It is worth starting with the fact that litigation occurred in the context of accusations of non-compliance with regulatory requirements and financial fraud against CZ. Althouth Binance has opened offices in different countries and tries to obey different laws and regulations in these countries, some of them accused the exchange of participating in the money laundering and the absence of the necessary licenses to operate in these countries. These allegations ultimately led to a sensational trial; throughout the trial CZ denied any wrongdoings and asserted that Binance always complied with the laws and regulations of its respective regions.

Credit : YI HE X Account

However, not having CZ does not mean that Binance will slow down its operations as the exchange has assured their users and stakeholders. The management of the exchange has also put up a good succession plan that has seen some leaders rise up to the scene to make sure that Binance is always a step ahead and dominating this industry. This continuity plan has been useful to calm down the market and also ensure that the customers remain confident with the platform. It can be seen that Changpeng Zhao’s imprisonment is the key moment that defines the development of cryptocurrencies.


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