COINDESK DAILY: DOJ Wants CZ to Serve 3 Years in Prison; Tether to Freeze Wallets Evading Venezuelan Sanctions
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 24 April 2024
⏱️ 2 minutes
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Summary
Host Jennifer Sanasie breaks down the latest news in the crypto industry from the DOJ's filing on CZ's guilty plea to Tether's decision to freeze wallets evading Venezuelan sanctions.
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"CoinDesk Daily" host Jennifer Sanasie breaks down the biggest headlines impacting the crypto industry today, as the U.S. Department of Justice said that Binance founder Changpeng "CZ" Zhao should spend three years in prison for his guilty plea. Plus, Nigeria’s Central Bank has directed financial institutions to identify persons or entities transacting in or operating with Bybit, KuCoin, OKX, and Binance. And, Tether has said it will freeze wallets that are using USDT to evade sanctions on oil exports in Venezuela.
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This episode was hosted by Jennifer Sanasie. “First Mover” is produced by Jennifer Sanasie and Melissa Montañez and edited by Victor Chen.
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Transcript
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| 0:00.0 | finance founder and former CEO Changpang Zhao should spend three years in prison for his role in enabling the crypto exchange to violate federal sanctions and money laundering laws. |
| 0:12.0 | That's according to the U.S. Department of Justice. |
| 0:14.8 | Attorneys with the DOJ filed a sentencing memo arguing that he should spend three years in prison and pay a $50 million fine after pleading |
| 0:21.8 | guilty to violating the Bank Secrecy Act last November. His defense team filed its own memo saying |
| 0:27.6 | that no defendant in a remotely similar case has ever been sentenced to incarceration. Instead, |
| 0:33.6 | they suggested he be sentenced to probation, which he can serve at his home in Abu Dhabi. |
| 0:38.9 | He was originally set to be sentenced in late February, but the hearing was postponed by mutual agreement to April 30th. |
| 0:45.9 | The Central Bank of Nigeria issued a directive on Tuesday asking financial institutions to identify persons or entities transacting in or operating with |
| 0:55.3 | bybit, Ku-coin, OKX, and finance. That's according to a letter seen by CoinDesk. The letter was |
| 1:01.4 | addressed to financial institutions and reminded them that dealing in cryptocurrencies or facilitating |
| 1:06.3 | payments for exchanges is prohibited. The latest action comes after an ongoing saga between Binance and the |
| 1:12.0 | Nigerian government, which has made international headlines. The government accused Binance of |
| 1:16.5 | enabling currency speculation that crashed its currency, the Naira. It invited two of its executives |
| 1:21.9 | into the country, arrested them, and one of them escaped. And tether will freeze wallets evading Venezuelan sanctions. |
| 1:29.7 | The stable coin issuer said it will freeze wallets using USDT to evade sanctions on oil |
| 1:34.1 | exports in the country. |
| 1:35.4 | The decision comes after Reuters reported that Venezuela's state-run oil company, PDVSA, |
| 1:42.2 | increased its use of tether after the U.S. reimposed sanctions on oil exports. |
| 1:46.5 | The firm froze 41 wallets tied to the U.S. Treasury Department's Office of Foreign Assets Control, |
| 1:52.0 | specially designated nationals list in December. |
| 1:55.0 | PDVSA's use of U.S.D.T, which began last year, has accelerated following the U.S.'s |
| 2:00.2 | decision to reimpose sanctions due to concerns over Venezuela's upcoming elections. |
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