In the midst of the bustling cryptocurrency world, Yi He, the incredible co-founder of Binance, provided an update on the current situation of Changpeng Zhao, also known as CZ, during the Binance Chinese Meetup in Dubai. As CZ’s sentencing approaches, the former CEO of the prominent crypto exchange seems to be in what Yi described as a “positive situation.”
Despite facing legal troubles in the U.S., CZ’s situation is not as dire as one might think. With a felony charge looming over him and a court date set for April 30, he remains relatively calm. This is due to a significant settlement last November that forced CZ out of his CEO position and resulted in Binance losing approximately $4.3 billion.
If the Western Washington court delivers a harsh verdict, CZ could face up to 10 years in prison. However, the sentencing guidelines suggest a more lenient term of 12 to 18 months. In the meantime, CZ is not confined to a prison cell. He is currently free in the U.S., although he is required to post a substantial $175 million bond with strict conditions. While his request to travel back to Dubai for his child’s medical needs was granted, the U.S. Attorney’s Office attempted to seize his travel documents. With passports from Canada and the UAE, there is plenty of paperwork to resolve.
Now, let’s delve into Yi He and CZ’s relationship. Yi is not just any executive. She is a highly intelligent and beautiful woman who is an essential figure in Binance. Her connection with CZ is not merely gossip; they have known each other for ten years, share children, and collaborate on business strategies. Although she denies any romantic involvement at present, she is still very much involved in the industry. Yi holds an undisclosed stake in Binance and has played a crucial role in its ups and downs. When she confidently states, “If Binance isn’t compliant, then who the hell is?”, it is clear that she knows what she is talking about.
It is worth noting that Yi was already blazing trails in the crypto industry before she met CZ and introduced him to the game. Her influence on Binance is significant, even if she admits that conversing with Western journalists in English is not her strong suit. She struggled with the language during a three-hour interview with Bloomberg last year, but she was candid about Binance’s identity crisis. She firmly stated that they are not just another Chinese company, despite the easy label.
In terms of wealth, CZ is sitting pretty with an estimated $33 billion, according to Bloomberg. Yi is not far behind, as an early shareholder with a fortune that remains undisclosed but undoubtedly impressive.
They have successfully combined business and personal life, integrating their children into the world of crypto. Despite the chaos of resignations and regulations, they have remained composed and proven to be an exceptional team.
Since CZ’s departure, Binance has been undergoing a transformation under the leadership of Richard Teng, bidding farewell to the old ways. Teng, a former regional market head, has been vocal about creating a new image for Binance, one that emerges from CZ’s long shadow. This process began with the appointment of a new board of directors a few weeks ago.
