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Hello this is Matt on the moon Lambo Channel and here's the news that has Absolutely shocked the world of crypto And for good reason uh changping Z known As CZ for short he's the founder and CEO Of binance the world's largest Cryptocurrency exchange by volume he he Has pled guilty to money laundering Charges and other things other I'll get All the specifics as we get into the Video but there's a bunch of other stuff That was charged against both him and uh And binance and uh he said said yep I'm Guilty of it and he he has stepped down He has stepped down as the CEO of Binance there's a 4.3 billion doll Penalty being paid by binance which is a Record by the way um he personally is Paying $50 million as a penalty and he May be going to Prison uh it's not completely clear and Some people think that's not probable I Don't pretend to know so I'm just going To share with you perspective from a Couple attorneys within the xrp Community and what's being reported in The public I don't pretend to know What's going to happen uh but you know What's crazy to think and can you Imagine like telling somebody this in Like say October of last year it's crazy To think that you could have CZ in Prison at the same time that scam Bank Run fraud is in
Prison think about that now obviously Completely different situations because So far as I'm aware despite uh CZ Pleading guilty maybe it was just the Easiest way out we'll talk about it Despite him pleading Guilty uh I'm not aware of anyone that Has actually been harmed as a as a Result of anything that binance has done Whereas FTX run by SPF that was an Outright Ponzi scheme but still it's can You imagine October year ago if I told You uh yeah well just wait about a year And a half and you're going to see CZ And Sam bankman freed uh they're just uh They're both going to be in prison at The same time What somehow this is real Life though somehow this is real life I Got perspective from Attorney John Deon Attorney Fred rispy there's a bunch I'll Break it all down for you here but Markets have taken an absolute beating Today although I'm going to share uh What it's done to the markets for a Separate video because that's a that's a Whole separate can of worms there but uh Before going further I do need to be Clear I do not have a financial Background of any kind I am not offering Financial advice and you definitely Should not by herself anything because Of anything I say or right I'm just an Enthusiast who enjoys making YouTube Videos about crypto related top ICS but
Just as a hobby and just for fun here's The headline from coindesk binance to Pay $4.3 billion to settle us criminal Case chenping CZ Zao resigns as CEO and Pleads guilty in Seattle did folks did Any of you out there listening have this On your bingo card for 2023 because I Sure as hell did Not binance the world's largest crypto Exchange was criminally charged with Break breaking sanctions and money Transmitting laws and agreed to pay $4.3 Billion to settle the allegations in one Of the largest penalties the US has ever Obtained from a corporate defendant Founder CZ pleaded guilty in Seattle the Charges he personally faced and agreed To pay a $50 million do fine as well as Steep down from the CEO job rer Richard Ting a former Abu Dhabi regulator in Later binance's Regional markets head Will take over as CEO binance was Accused of failing to maintain a proper Anti-money laundering program operating An unlicensed money transmitting Business and violating sanctions law According to a court filing unsealed on Tuesday now folks there's been a lot of Talk in the world of crypto about um you Know the situation of binance just kind Of from a legal perspective just hanging Over the heads of everyone and so even Though this has resulted in a rocky day Let's say for markets which again I'll
Talk about in separate video uh even Though that's the case this is perceived By many as ultimately a good thing Because if there's something that was Holding the market back uh this Specifically in the question mark of Binance what or is it a fraud you know Could could it be a Ponzi too these Types of questions are going to be gone They're going to be bye-bye and they Think a lot of people think that this is Going to result in uh the market Springing it's just one more reason that The market will spring forward in Addition to everything else we've been Talking about in recent weeks and months Now I'm not as sold on that concept uh I Just I mean is there really a strong Case to be made maybe there is uh that The market would be way higher in terms Of performance this year if there Weren't question marks surrounding the Legal status of of binance I'm not Completely sure about that but I I'm Open mind if somebody's got a compelling Case I'm willing to hear it I just Haven't seen anything to this point but That's that would Le me to think that That's you know probable but that is one Of the narratives that I've seen bandied About today so I just thought I'd Mention it uh peace continues though Z Pleaded guilty to violating the bank Secrecy Act and causing a financial
Institution to violate the BSA according To another filing his fine will be Credited against the amount he owes the Commodity Futures Trading commission the US Department of Justice Said binance employees knew and Discussed that the company was serving Thousands of users in sanctioned Countries and they knew that Facilitating transactions between us Users and users in sanctioned countries Would be in violation of US law but they Did it anyway attorney general uh America Garland said during a press Conference on Tuesday afternoon yeah so Look there's this question of does Cy Actually think he did something wrong or Does he not and he doesn't want to risk Like like a ridiculously lengthy prison Sentence and which is a legitimate Question here now my my suspicion at This point based on it because I've read Like Infinity articles on this stuff at This point and and not enough like if You're in the future maybe you know more Than me if you're watching this like a Day later who knows but uh at this point As far as I can tell anyway uh it does Seem that laws were likely broken but Then it's just a question of even so was Anybody harmed and as far as I'm aware The answer is no so it's not like an FTX Type of situation but my understanding Is he pled guilty because he actually is
Guilty that's what I think at this point But again it's still kind of early on This is the first day that this has Happened you know it hasn't even been 12 Hours since this news broke so you know Like things happened fast but that's What it looks like at this particular Moment anyway and then they write the $4.3 billion binance is paying uh is is Among the largest penalties ever Obtained from a corporate defendant Garland said the exchange's overall find Remains $4.3 billion with some amount Being credited to each agency separately The US Treasury Department and cftc Announced their own settlements with Binance uh treasury secretary Janet Yellen noted that binance's settlement With her Department's money laundering And sanctions Watchdogs was the largest In treasury history and so since then And this this is uh within the last Couple hours this news broke CZ was Released on a $175 million Bond could return to Dubai And so folks there there is a chance Still and I'll get into that just give Me a few minutes to get to this but he Could legitimately end up in prison I Don't know for sure what the odds of That are but it it looks as far as I can Tell to be on the table anyway peace Reads as follows though what a train Wreck this is for binance founder CZ
Will pay $175 million release Bond and Agreed to return to the United States 14 Days before his February 23rd 2024 Sentencing possibly allowing him to Return to Dubai in a November 21st Bond Document filed in a Seattle federal Court Zhao agreed to share with the Court where he would reside and that a Warrant could be issued for his arrest If he fails to show up for his court Date fa and check out this this is steep Should that be the case check this out Failure to appear in court carries a 250,000 fine and a maximum of 10 years In Jail the US is expected to review Z's Bail order if a judge denies a review of The order it will become effective on November 27th at 5:00 p.m. Washington Time if the judge grants a review before That date Zhao must stay in the United States until a decision is made no Extradition agreement exists between the US and the United Arab Emirates however The two countries made a bilateral Agreement to enhance law enforcement Cooperation in 2024 and so Z's been Basically living in Dubai for like the Last several years so he's out at this Particular Point uh but in this in the Afternoon in the first few hours of all This breaking I had already read a ton Of articles on this stuff and I I was Like okay one of the things that is not
Clear to this point is Will CZ end up in In prison and so I posted the following At 109 p.m. central Time with news that CZ is pleading guilty to money Laundering charges and reportedly paying A $50 million fine is he at risk of Going to prison if so any idea for how Long I've read multiple articles all Saying the same thing and none are Talking about this so far as I've seen And I tag some attorneys including John Deon who did respond to me and he simply Wrote likely 2 to 5 years probation Possibly house arrest for 6 months to One year no prison in my opinion so That's what he he thinks in all Likelihood Cy not going to be going to Prison um Attorney Fred rolly responded To me and Wrote agree with John no way CZ would Have agreed to this without assurances Of no jail time which is why it isn't Part of the announcement would take the Sting out of the4 billion news and Cy Admits to criminal wrongdoing if in same Breath Department of Justice said such Substantial criminal Behavior warranted Probation which is a totally fair take Now I do want to highlight this and Again it's still early on This it's been again less than 12 hours Since all this started here uh but there Is this article from Reuters Chen Penza The crypto King and binance chief outed
For us crimes and I don't want to read The article but I do want to highlight a Key part on this topic which reads as Follows and this has to do with prison Us sentencing guidelines call for prison Time of 10 to 18 months for the charges He faces prose UT are seeking an 18-month prison sentence the New York Times reported so assuming that's Accurate and prosecutors are actually Seeking 18 months uh you know I guess It's just it's just up to the the Presumably the judge whatever the Sentencing process looks like um I don't Pretend to be some sort of legal expert I just I mean I I play a lawyer on YouTube but that's pretty much it so We'll see what happens there but pretty Damn wild right just again him to think That he and BF could both be in prison For crypto related crimes at the same Damn time I shouldn't even say crypto Crimes though that's actually not even Fair because these are laws that aren't Crypto specific that were were broken so Like one like FDX obviously an outright Ponzi scheme and then with with CZ he he Pled guilty he's acknowledging that he's Guilty uh those were not crypto specific Laws and again I I'm not aware Personally after reading a ton of Articles I'm not seeing anybody actually Harmed by this it's just he did Something that he wasn't technically
Supposed to and part of it was and I'm Not going to read this article but There's a headline here from coindesk Binance got huge uh got huge binance got Huge due to us customers that was a Legal USS and so the gist of the article Was basically that in the early days of Of Bitcoin you know half a decade ago Roughly uh they got huge volume thanks To United states-based customers which They weren't allowed to service and then Al and ultimately you know they did lead That did lead to um them Um not no longer allowing us customers And then they uh had the what would you Call it like the sister company or what Subsidiary however it's technically Structured binance us but you know when I jumped into crypto six years ago I was On binance I personally was this was Before binance us existed I was just Hopping on to whatever just like what is So it's a Chinese exchange what's going On here and I just that's what every Like everybody was using it right so That was the original one and then lost Access to that but they launched binance Us here but apparently that was a huge Part of what allowed them to grow so Quickly and a lot of it was fortuitous Whatever they did with their business Model they they grew faster than Competitors but apparently if not for That they probably wouldn't have but
That's what led to the downfall ultim at Least a big part of it from what I've Gathered to this point Anyway um and then there was also this Don Deon wrote whatever you think of CZ He had no real choice being able to keep His majority stake in binance plead out To a moneya laundering charge and likely Get 2 to 5 years of probation there's Not a criminal defense attorney alive Going to say nah you should roll the Dice and fair enough and I assume that There's a reason that he did this um I Also read that CZ is not allowed to Publicly say anything at odds with his Admission of guilt and he did have this Uh this post on social media platform X Which for the sake of time I'm not going To pull it up there's you know I could Read you official statements from a ton Of different people um but he Acknowledged hey I messed some stuff up And so part of the deal here and there Would be apparently some pretty serious Ramifications if he went back on this Part of the deal here is uh he can't go Back publicly and state anything to the Contrary you know having to do with him Actually being guilty here so obviously He's going to abide by that otherwise When sentencing comes in early next year Probably not going to go so well for him Crazy freaking Stuff so in the end what's this going to
Have in terms of impact on the world of Crypto I mean okay so like I said I said Earlier in the video there's some people Believe in this narrative that this is Something that was hanging over the Heads of everybody and now we're really Going to be able to run it I'm just Sitting here thinking crypto was already Ripping to the upside what is the most Compelling case on that AR on that front Because a lot I see a lot of people Talking about I just I'm not sold on it If you've got a compelling case I'm Willing to listen I think that crypto is Ripping to the upside there was a Question mark and I get it binance is The world's largest cryptocurrency Exchange by volume so if there were Something Shady or bad or it was going To fall apart and it could crush markets I get the argument But I mean now we have this Clarity and All that happened is today anyway price Went to the downside so and not that it Would stay there forever necessarily but I'm just saying I'm just I'm not really Buying the narrative at this point I Just I I I think that this is going to Be just a moment in time it's a it's It's going to be a point of historical Reference and we're all going to go on With our lives that's what I think it's Ultimately so it's very interesting Right now I can't deny that and what's
Happened in terms of price action oh I'm Going to make another video where I talk About that more in depth because I had Some phone today I'll just tell you Right now uh I went on a bit of a Shopping Spree I spent a fair bit of my money so I mean when presented with opportunities Like this what's one to do twist my Arm so we'll see what happens let me Know what you think in the comments Section below I am not a financial Adviser you should not buy or sell Anything because of anything I say or Right that would be a very very very bad Idea until next time to the Moon Lambo
