Is CZ a Flight Risk? DOJ Says He Is

The Breakdown

Blockworks

Investing, Business

4.8 • 806 Ratings

🗓️ 27 November 2023

⏱️ 16 minutes

🔗️ Recording | iTunes | RSS

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Summary

The crypto industry is getting used to the post-CZ, post-Binance settlement world. Is CZ a flight risk? Is this all just good for crypto? Might it even be good for Binance? Today's Sponsor: Kraken Kraken: See what crypto can be - https://kraken.com/TheBreakdown Enjoying this content? SUBSCRIBE to the Podcast: https://pod.link/1438693620 Watch on YouTube: https://www.youtube.com/nathanielwhittemorecrypto Subscribe to the newsletter: https://breakdown.beehiiv.com/ Join the discussion: https://discord.gg/VrKRrfKCz8 Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW

Transcript

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0:00.0	Welcome back to The Breakdown with me, NLW.
0:09.3	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:18.4	What's going on, guys? It is Monday, November 27th, and today we are settling into the new post-finance settlement world.
0:27.1	Before we get into that, however, if you are enjoying the breakdown, please go subscribe to it, give it a rating, give it a review, or if you want to dive deeper into the conversation, come join us on the Breakers Discord.
0:36.1	You can find a link in the show notes or go to bit.ly slash breakdown pod. Hello friends. Welcome back to the world after what was hopefully
0:44.0	a lovely Thanksgiving slash long weekend slash regular weekend for those of you who are not
0:48.8	here in America are celebrating Thanksgiving. As I mentioned right at the top, we are settling
0:53.2	into this new post-CZ
0:55.3	settlement-Binance settlement world. And so today, a lot of our conversation is just catching up
1:00.1	on all of the fallout from that, how people are feeling about it, what they think, and where the
1:04.7	narrative is settling. So, after pleading guilty to one charge of violating the bank secrecy act
1:10.5	on Tuesday,
1:11.7	Binance CEO CZ was released on bond and cleared to return home to the UAE to await
1:16.6	sentencing by a magistrate judge. The Justice Department is pushing back on that ruling,
1:21.2	arguing that CZ has, quote, minimal ties to the U.S. and may not return.
1:25.8	Sentencing is currently scheduled for February 23, with CZ
1:29.1	expected to face up to 18 months in prison and a fine of $50 million. The DOJ is not requesting
1:34.8	that CZ be jailed ahead of the sentence, just that he be prohibited from leaving the U.S.
1:39.4	CZ remained in the U.S. over the weekend pending appeal of his bail conditions.
1:43.5	Now, under the current terms, he would be required to return to the U.S. over the weekend pending appeal of his bail conditions. Now, under the current
1:44.3	terms, he would be required to return to the U.S. two weeks ahead of sentencing. During the Tuesday
1:48.7	hearing, Cizzi said that being forced to remain in the U.S. would represent a hardship for
	...

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