CZ Says He Chose to Face US Charges to Protect Binance, BNB Holders, and the Crypto Industry

Speaking on The Wolf of All Streets Podcast, Binance founder Changpeng Zhao (CZ) said he chose to travel to the United States to face legal proceedings — rather than remain in the UAE, where he said he could have stayed indefinitely — primarily to shield Binance, its users, and the broader crypto industry from the risk of a corporate indictment and its consequences for BNB holders. CZ said he did not expect to receive a prison sentence, as his lawyers found no precedent for a single Bank Secrecy Act violation resulting in imprisonment. He had anticipated a period of home confinement, comparable to the outcome for BitMEX co-founder Arthur Hayes. The Department of Justice, under the Biden administration, requested a 36-month sentence just one week before his April 30, 2024 sentencing hearing — more than double what CZ said the most severe application of sentencing guidelines would have produced, a point the judge acknowledged. The judge ultimately sentenced CZ to four months. CZ described the mental stress of not knowing what would happen next as the most difficult aspect of the entire period.