News View Non-AMP

Former SEC Official Blasts Changpeng Zhao, Claims Binance Has Ties to ISIS and Hamas

Published by
Elena R

In a recent development, Changpeng Zhao, the founder of Binance, known as CZ, is reportedly petitioning to be allowed to stay in the United Arab Emirates until his sentencing. John Reed Stark, a former SEC official, has been closely following these proceedings and—as usual—offers his hostile perspective on the matter.

CZ’s legal team, working through the Thanksgiving holiday, has mounted a strong opposition to the DOJ’s motion, challenging a decision by Magistrate Judge Brian A. Tsuchida. This decision currently permits CZ to reside in the UAE until his sentencing. Notably, CZ’s team emphasizes that his foreign citizenship and wealth should not be construed as an increased flight risk.

The legal discourse has reached a critical juncture with Judge Tsuchida labeling his decision to allow CZ’s stay in the UAE as a “close call.” Judge Richard A. Jones, overseeing the case, could potentially overturn this decision, introducing stricter bail conditions or other measures to ensure CZ’s compliance.

The defense is preparing to argue for minimal, if any, jail time. They are advocating for a sentence that could include home detention or community confinement, pointing to CZ’s cooperation and the nature of his offenses as mitigating factors. 

John Stark’s Insight

Stark argues that the legal maneuvers by CZ and his team, while expertly crafted, should not distract from the gravity of his actions when he was the CEO of Binance. Stark’s perspective is unflinchingly straightforward: he views Binance under CZ’s leadership as a platform that flagrantly ignored regulatory compliance, directly contributing to a range of illicit activities.

He describes the exchange as a global criminal enterprise, asserting that CZ’s leadership was akin to an absolute dictatorship. Stark highlights how CZ’s decisions led to Binance’s failure in implementing necessary measures to prevent transactions with known terrorist organizations and other criminal elements. This, according to Stark, included dealings with entities like Hamas, Al Qaeda, and ISIS, among others.

Stark’s take is that Binance, under CZ, became a conduit for a range of illegal activities, from money laundering to facilitating transactions in ransomware proceeds. He thinks the Judge should not give CZ a light sentence.

Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

Recent Posts

Bitcoin Price Prediction For Next Three Months: $100000 When?

As Bitcoin continues to ride the waves of volatile markets, experts are making predictions about…

March 31, 2025

Elon Musk Says US Government Won’t Use Dogecoin, Price Dips 5%

Elon Musk has cleared the air about rumors surrounding Dogecoin's potential inclusion in the U.S.…

March 31, 2025

Crypto Market Live Today—BTC Slips Below $82,000 While ETH, SOL, & XRP Juggle Around Crucial Support

The weekly trade has begun on a bearish note, with the prices of most tokens…

March 31, 2025

Crypto News: South Korean Trio Jailed for Crypto Ponzi Scheme Promising 30% Monthly Returns

A South Korean court has sentenced three members of a crypto scam ring to prison…

March 31, 2025

Ripple News: Can the SEC’s April 3 Meeting Save XRP from Dropping Below $2?

XRP has shown some interesting price movements over the past 24 hours, with increased trading…

March 31, 2025

Cardano (ADA) Price Prediction for March 31

Amid the bearish market sentiment, Cardano's (ADA) price prediction has become a key topic among…

March 31, 2025