Zhao, often referred to by his initials \"CZ,\" is notably one of the wealthiest individuals to have ever been imprisoned in the US, with an estimated net worth of $25.3 billion according to Bloomberg's Billionaires' Index.<\/p>\n\n\n\n
In contrast, other cryptocurrency figures facing similar allegations, such as former BitMEX CEO Arthur Hayes, were only sentenced to probation. Prosecutors had hoped to make an example of Zhao, arguing that Binance fostered an environment conducive to money laundering, terrorist financing, and illicit activities.<\/p>\n\n\n\n
They claimed that Binance facilitated over 100,000 suspicious transactions involving designated terrorist groups, including Hamas, al-Qaeda, and ISIS, and even played a role in supporting child exploitation content.<\/p>\n","post_title":"Binance's Founder Changpeng Zhao Released From US Prison","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binances-founder-changpeng-zhao-released-from-us-prison","to_ping":"","pinged":"","post_modified":"2024-10-02 15:53:34","post_modified_gmt":"2024-10-02 05:53:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18904","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Under US law, prisoners may be released early if their release date falls on a weekend or holiday. Zhao's time in custody began with three months in Lompoc II, a low-security facility located along California's central coast, followed by a move to a halfway house in August.<\/p>\n\n\n\n
Zhao, often referred to by his initials \"CZ,\" is notably one of the wealthiest individuals to have ever been imprisoned in the US, with an estimated net worth of $25.3 billion according to Bloomberg's Billionaires' Index.<\/p>\n\n\n\n
In contrast, other cryptocurrency figures facing similar allegations, such as former BitMEX CEO Arthur Hayes, were only sentenced to probation. Prosecutors had hoped to make an example of Zhao, arguing that Binance fostered an environment conducive to money laundering, terrorist financing, and illicit activities.<\/p>\n\n\n\n
They claimed that Binance facilitated over 100,000 suspicious transactions involving designated terrorist groups, including Hamas, al-Qaeda, and ISIS, and even played a role in supporting child exploitation content.<\/p>\n","post_title":"Binance's Founder Changpeng Zhao Released From US Prison","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binances-founder-changpeng-zhao-released-from-us-prison","to_ping":"","pinged":"","post_modified":"2024-10-02 15:53:34","post_modified_gmt":"2024-10-02 05:53:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18904","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Under US law, prisoners may be released early if their release date falls on a weekend or holiday. Zhao's time in custody began with three months in Lompoc II, a low-security facility located along California's central coast, followed by a move to a halfway house in August.<\/p>\n\n\n\n
Zhao, often referred to by his initials \"CZ,\" is notably one of the wealthiest individuals to have ever been imprisoned in the US, with an estimated net worth of $25.3 billion according to Bloomberg's Billionaires' Index.<\/p>\n\n\n\n
In contrast, other cryptocurrency figures facing similar allegations, such as former BitMEX CEO Arthur Hayes, were only sentenced to probation. Prosecutors had hoped to make an example of Zhao, arguing that Binance fostered an environment conducive to money laundering, terrorist financing, and illicit activities.<\/p>\n\n\n\n
They claimed that Binance facilitated over 100,000 suspicious transactions involving designated terrorist groups, including Hamas, al-Qaeda, and ISIS, and even played a role in supporting child exploitation content.<\/p>\n","post_title":"Binance's Founder Changpeng Zhao Released From US Prison","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binances-founder-changpeng-zhao-released-from-us-prison","to_ping":"","pinged":"","post_modified":"2024-10-02 15:53:34","post_modified_gmt":"2024-10-02 05:53:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18904","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
See Related: <\/em><\/strong>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n\n\n\n Under US law, prisoners may be released early if their release date falls on a weekend or holiday. Zhao's time in custody began with three months in Lompoc II, a low-security facility located along California's central coast, followed by a move to a halfway house in August.<\/p>\n\n\n\n Zhao, often referred to by his initials \"CZ,\" is notably one of the wealthiest individuals to have ever been imprisoned in the US, with an estimated net worth of $25.3 billion according to Bloomberg's Billionaires' Index.<\/p>\n\n\n\n In contrast, other cryptocurrency figures facing similar allegations, such as former BitMEX CEO Arthur Hayes, were only sentenced to probation. Prosecutors had hoped to make an example of Zhao, arguing that Binance fostered an environment conducive to money laundering, terrorist financing, and illicit activities.<\/p>\n\n\n\n They claimed that Binance facilitated over 100,000 suspicious transactions involving designated terrorist groups, including Hamas, al-Qaeda, and ISIS, and even played a role in supporting child exploitation content.<\/p>\n","post_title":"Binance's Founder Changpeng Zhao Released From US Prison","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binances-founder-changpeng-zhao-released-from-us-prison","to_ping":"","pinged":"","post_modified":"2024-10-02 15:53:34","post_modified_gmt":"2024-10-02 05:53:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18904","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Though custodial sentences for such violations are rare, Zhao's punishment was more lenient than the three-year term initially sought by federal prosecutors.<\/p>\n\n\n\n See Related: <\/em><\/strong>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n\n\n\n Under US law, prisoners may be released early if their release date falls on a weekend or holiday. Zhao's time in custody began with three months in Lompoc II, a low-security facility located along California's central coast, followed by a move to a halfway house in August.<\/p>\n\n\n\n Zhao, often referred to by his initials \"CZ,\" is notably one of the wealthiest individuals to have ever been imprisoned in the US, with an estimated net worth of $25.3 billion according to Bloomberg's Billionaires' Index.<\/p>\n\n\n\n In contrast, other cryptocurrency figures facing similar allegations, such as former BitMEX CEO Arthur Hayes, were only sentenced to probation. Prosecutors had hoped to make an example of Zhao, arguing that Binance fostered an environment conducive to money laundering, terrorist financing, and illicit activities.<\/p>\n\n\n\n They claimed that Binance facilitated over 100,000 suspicious transactions involving designated terrorist groups, including Hamas, al-Qaeda, and ISIS, and even played a role in supporting child exploitation content.<\/p>\n","post_title":"Binance's Founder Changpeng Zhao Released From US Prison","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binances-founder-changpeng-zhao-released-from-us-prison","to_ping":"","pinged":"","post_modified":"2024-10-02 15:53:34","post_modified_gmt":"2024-10-02 05:53:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18904","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
The plea deal included a personal $50 million fine and his resignation as Binance's CEO. Binance itself agreed to pay a $4.3 billion fine to settle related charges with multiple US regulatory bodies. The sentencing marked a major development in the crackdown on cryptocurrency regulation, particularly given the scale of Binance's operation as the largest crypto exchange globally.<\/p>\n\n\n\n Though custodial sentences for such violations are rare, Zhao's punishment was more lenient than the three-year term initially sought by federal prosecutors.<\/p>\n\n\n\n See Related: <\/em><\/strong>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n\n\n\n Under US law, prisoners may be released early if their release date falls on a weekend or holiday. Zhao's time in custody began with three months in Lompoc II, a low-security facility located along California's central coast, followed by a move to a halfway house in August.<\/p>\n\n\n\n Zhao, often referred to by his initials \"CZ,\" is notably one of the wealthiest individuals to have ever been imprisoned in the US, with an estimated net worth of $25.3 billion according to Bloomberg's Billionaires' Index.<\/p>\n\n\n\n In contrast, other cryptocurrency figures facing similar allegations, such as former BitMEX CEO Arthur Hayes, were only sentenced to probation. Prosecutors had hoped to make an example of Zhao, arguing that Binance fostered an environment conducive to money laundering, terrorist financing, and illicit activities.<\/p>\n\n\n\n They claimed that Binance facilitated over 100,000 suspicious transactions involving designated terrorist groups, including Hamas, al-Qaeda, and ISIS, and even played a role in supporting child exploitation content.<\/p>\n","post_title":"Binance's Founder Changpeng Zhao Released From US Prison","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binances-founder-changpeng-zhao-released-from-us-prison","to_ping":"","pinged":"","post_modified":"2024-10-02 15:53:34","post_modified_gmt":"2024-10-02 05:53:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18904","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Zhao faced charges in April for failing to establish adequate anti-money laundering safeguards at Binance, specifically the implementation of a comprehensive Know-Your-Customer (KYC) program. He pleaded guilty to violating the Bank Secrecy Act and was sentenced to four months in prison.<\/p>\n\n\n\n The plea deal included a personal $50 million fine and his resignation as Binance's CEO. Binance itself agreed to pay a $4.3 billion fine to settle related charges with multiple US regulatory bodies. The sentencing marked a major development in the crackdown on cryptocurrency regulation, particularly given the scale of Binance's operation as the largest crypto exchange globally.<\/p>\n\n\n\n Though custodial sentences for such violations are rare, Zhao's punishment was more lenient than the three-year term initially sought by federal prosecutors.<\/p>\n\n\n\n See Related: <\/em><\/strong>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n\n\n\n Under US law, prisoners may be released early if their release date falls on a weekend or holiday. Zhao's time in custody began with three months in Lompoc II, a low-security facility located along California's central coast, followed by a move to a halfway house in August.<\/p>\n\n\n\n Zhao, often referred to by his initials \"CZ,\" is notably one of the wealthiest individuals to have ever been imprisoned in the US, with an estimated net worth of $25.3 billion according to Bloomberg's Billionaires' Index.<\/p>\n\n\n\n In contrast, other cryptocurrency figures facing similar allegations, such as former BitMEX CEO Arthur Hayes, were only sentenced to probation. Prosecutors had hoped to make an example of Zhao, arguing that Binance fostered an environment conducive to money laundering, terrorist financing, and illicit activities.<\/p>\n\n\n\n They claimed that Binance facilitated over 100,000 suspicious transactions involving designated terrorist groups, including Hamas, al-Qaeda, and ISIS, and even played a role in supporting child exploitation content.<\/p>\n","post_title":"Binance's Founder Changpeng Zhao Released From US Prison","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binances-founder-changpeng-zhao-released-from-us-prison","to_ping":"","pinged":"","post_modified":"2024-10-02 15:53:34","post_modified_gmt":"2024-10-02 05:53:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18904","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Changpeng \"CZ\" Zhao, the founder of Binance, was released from custody on Friday, Bloomberg<\/em> first reported<\/a>. After spending three months in a California prison and weeks in transitional housing, Zhao's early release, two days ahead of his expected release date, marked the end of a sentence linked to his violations of US financial laws.<\/p>\n\n\n\n Zhao faced charges in April for failing to establish adequate anti-money laundering safeguards at Binance, specifically the implementation of a comprehensive Know-Your-Customer (KYC) program. He pleaded guilty to violating the Bank Secrecy Act and was sentenced to four months in prison.<\/p>\n\n\n\n The plea deal included a personal $50 million fine and his resignation as Binance's CEO. Binance itself agreed to pay a $4.3 billion fine to settle related charges with multiple US regulatory bodies. The sentencing marked a major development in the crackdown on cryptocurrency regulation, particularly given the scale of Binance's operation as the largest crypto exchange globally.<\/p>\n\n\n\n Though custodial sentences for such violations are rare, Zhao's punishment was more lenient than the three-year term initially sought by federal prosecutors.<\/p>\n\n\n\n See Related: <\/em><\/strong>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n\n\n\n Under US law, prisoners may be released early if their release date falls on a weekend or holiday. Zhao's time in custody began with three months in Lompoc II, a low-security facility located along California's central coast, followed by a move to a halfway house in August.<\/p>\n\n\n\n Zhao, often referred to by his initials \"CZ,\" is notably one of the wealthiest individuals to have ever been imprisoned in the US, with an estimated net worth of $25.3 billion according to Bloomberg's Billionaires' Index.<\/p>\n\n\n\n In contrast, other cryptocurrency figures facing similar allegations, such as former BitMEX CEO Arthur Hayes, were only sentenced to probation. Prosecutors had hoped to make an example of Zhao, arguing that Binance fostered an environment conducive to money laundering, terrorist financing, and illicit activities.<\/p>\n\n\n\n They claimed that Binance facilitated over 100,000 suspicious transactions involving designated terrorist groups, including Hamas, al-Qaeda, and ISIS, and even played a role in supporting child exploitation content.<\/p>\n","post_title":"Binance's Founder Changpeng Zhao Released From US Prison","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binances-founder-changpeng-zhao-released-from-us-prison","to_ping":"","pinged":"","post_modified":"2024-10-02 15:53:34","post_modified_gmt":"2024-10-02 05:53:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18904","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Changpeng \"CZ\" Zhao, the founder of Binance, was released from custody on Friday, Bloomberg<\/em> first reported<\/a>. After spending three months in a California prison and weeks in transitional housing, Zhao's early release, two days ahead of his expected release date, marked the end of a sentence linked to his violations of US financial laws.<\/p>\n\n\n\n Zhao faced charges in April for failing to establish adequate anti-money laundering safeguards at Binance, specifically the implementation of a comprehensive Know-Your-Customer (KYC) program. He pleaded guilty to violating the Bank Secrecy Act and was sentenced to four months in prison.<\/p>\n\n\n\n The plea deal included a personal $50 million fine and his resignation as Binance's CEO. Binance itself agreed to pay a $4.3 billion fine to settle related charges with multiple US regulatory bodies. The sentencing marked a major development in the crackdown on cryptocurrency regulation, particularly given the scale of Binance's operation as the largest crypto exchange globally.<\/p>\n\n\n\n Though custodial sentences for such violations are rare, Zhao's punishment was more lenient than the three-year term initially sought by federal prosecutors.<\/p>\n\n\n\n See Related: <\/em><\/strong>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n\n\n\n Under US law, prisoners may be released early if their release date falls on a weekend or holiday. Zhao's time in custody began with three months in Lompoc II, a low-security facility located along California's central coast, followed by a move to a halfway house in August.<\/p>\n\n\n\n Zhao, often referred to by his initials \"CZ,\" is notably one of the wealthiest individuals to have ever been imprisoned in the US, with an estimated net worth of $25.3 billion according to Bloomberg's Billionaires' Index.<\/p>\n\n\n\n In contrast, other cryptocurrency figures facing similar allegations, such as former BitMEX CEO Arthur Hayes, were only sentenced to probation. Prosecutors had hoped to make an example of Zhao, arguing that Binance fostered an environment conducive to money laundering, terrorist financing, and illicit activities.<\/p>\n\n\n\n They claimed that Binance facilitated over 100,000 suspicious transactions involving designated terrorist groups, including Hamas, al-Qaeda, and ISIS, and even played a role in supporting child exploitation content.<\/p>\n","post_title":"Binance's Founder Changpeng Zhao Released From US Prison","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binances-founder-changpeng-zhao-released-from-us-prison","to_ping":"","pinged":"","post_modified":"2024-10-02 15:53:34","post_modified_gmt":"2024-10-02 05:53:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18904","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Changpeng \"CZ\" Zhao, the founder of Binance, was released from custody on Friday, Bloomberg<\/em> first reported<\/a>. After spending three months in a California prison and weeks in transitional housing, Zhao's early release, two days ahead of his expected release date, marked the end of a sentence linked to his violations of US financial laws.<\/p>\n\n\n\n Zhao faced charges in April for failing to establish adequate anti-money laundering safeguards at Binance, specifically the implementation of a comprehensive Know-Your-Customer (KYC) program. He pleaded guilty to violating the Bank Secrecy Act and was sentenced to four months in prison.<\/p>\n\n\n\n The plea deal included a personal $50 million fine and his resignation as Binance's CEO. Binance itself agreed to pay a $4.3 billion fine to settle related charges with multiple US regulatory bodies. The sentencing marked a major development in the crackdown on cryptocurrency regulation, particularly given the scale of Binance's operation as the largest crypto exchange globally.<\/p>\n\n\n\n Though custodial sentences for such violations are rare, Zhao's punishment was more lenient than the three-year term initially sought by federal prosecutors.<\/p>\n\n\n\n See Related: <\/em><\/strong>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n\n\n\n Under US law, prisoners may be released early if their release date falls on a weekend or holiday. Zhao's time in custody began with three months in Lompoc II, a low-security facility located along California's central coast, followed by a move to a halfway house in August.<\/p>\n\n\n\n Zhao, often referred to by his initials \"CZ,\" is notably one of the wealthiest individuals to have ever been imprisoned in the US, with an estimated net worth of $25.3 billion according to Bloomberg's Billionaires' Index.<\/p>\n\n\n\n In contrast, other cryptocurrency figures facing similar allegations, such as former BitMEX CEO Arthur Hayes, were only sentenced to probation. Prosecutors had hoped to make an example of Zhao, arguing that Binance fostered an environment conducive to money laundering, terrorist financing, and illicit activities.<\/p>\n\n\n\n They claimed that Binance facilitated over 100,000 suspicious transactions involving designated terrorist groups, including Hamas, al-Qaeda, and ISIS, and even played a role in supporting child exploitation content.<\/p>\n","post_title":"Binance's Founder Changpeng Zhao Released From US Prison","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binances-founder-changpeng-zhao-released-from-us-prison","to_ping":"","pinged":"","post_modified":"2024-10-02 15:53:34","post_modified_gmt":"2024-10-02 05:53:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18904","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Changpeng \"CZ\" Zhao, the founder of Binance, was released from custody on Friday, Bloomberg<\/em> first reported<\/a>. After spending three months in a California prison and weeks in transitional housing, Zhao's early release, two days ahead of his expected release date, marked the end of a sentence linked to his violations of US financial laws.<\/p>\n\n\n\n Zhao faced charges in April for failing to establish adequate anti-money laundering safeguards at Binance, specifically the implementation of a comprehensive Know-Your-Customer (KYC) program. He pleaded guilty to violating the Bank Secrecy Act and was sentenced to four months in prison.<\/p>\n\n\n\n The plea deal included a personal $50 million fine and his resignation as Binance's CEO. Binance itself agreed to pay a $4.3 billion fine to settle related charges with multiple US regulatory bodies. The sentencing marked a major development in the crackdown on cryptocurrency regulation, particularly given the scale of Binance's operation as the largest crypto exchange globally.<\/p>\n\n\n\n Though custodial sentences for such violations are rare, Zhao's punishment was more lenient than the three-year term initially sought by federal prosecutors.<\/p>\n\n\n\n See Related: <\/em><\/strong>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n\n\n\n Under US law, prisoners may be released early if their release date falls on a weekend or holiday. Zhao's time in custody began with three months in Lompoc II, a low-security facility located along California's central coast, followed by a move to a halfway house in August.<\/p>\n\n\n\n Zhao, often referred to by his initials \"CZ,\" is notably one of the wealthiest individuals to have ever been imprisoned in the US, with an estimated net worth of $25.3 billion according to Bloomberg's Billionaires' Index.<\/p>\n\n\n\n In contrast, other cryptocurrency figures facing similar allegations, such as former BitMEX CEO Arthur Hayes, were only sentenced to probation. Prosecutors had hoped to make an example of Zhao, arguing that Binance fostered an environment conducive to money laundering, terrorist financing, and illicit activities.<\/p>\n\n\n\n They claimed that Binance facilitated over 100,000 suspicious transactions involving designated terrorist groups, including Hamas, al-Qaeda, and ISIS, and even played a role in supporting child exploitation content.<\/p>\n","post_title":"Binance's Founder Changpeng Zhao Released From US Prison","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binances-founder-changpeng-zhao-released-from-us-prison","to_ping":"","pinged":"","post_modified":"2024-10-02 15:53:34","post_modified_gmt":"2024-10-02 05:53:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18904","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
If the crypto rule changes happen, Japan will have taken a big leap from its digital asset regulations<\/a>, which have been considered too strict. The strict regime comes from previous crypto scandal learnings, including the 2014 hack of the now-defunct Tokyo-based crypto exchange Mt.Gox. However, Japan's PM Fumio Kishida has been vocal in pushing for innovations built around Web 3.0 and blockchain.<\/p>\n","post_title":"Japan Considers Crypto Rule Change Favouring Lower Taxes, Dedicated ETFs","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"japan-considers-crypto-rule-change-favouring-lower-taxes-dedicated-etfs","to_ping":"","pinged":"","post_modified":"2024-10-02 23:59:26","post_modified_gmt":"2024-10-02 13:59:26","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18924","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":18904,"post_author":"1","post_date":"2024-10-02 15:53:27","post_date_gmt":"2024-10-02 05:53:27","post_content":"\n Changpeng \"CZ\" Zhao, the founder of Binance, was released from custody on Friday, Bloomberg<\/em> first reported<\/a>. After spending three months in a California prison and weeks in transitional housing, Zhao's early release, two days ahead of his expected release date, marked the end of a sentence linked to his violations of US financial laws.<\/p>\n\n\n\n Zhao faced charges in April for failing to establish adequate anti-money laundering safeguards at Binance, specifically the implementation of a comprehensive Know-Your-Customer (KYC) program. He pleaded guilty to violating the Bank Secrecy Act and was sentenced to four months in prison.<\/p>\n\n\n\n The plea deal included a personal $50 million fine and his resignation as Binance's CEO. Binance itself agreed to pay a $4.3 billion fine to settle related charges with multiple US regulatory bodies. The sentencing marked a major development in the crackdown on cryptocurrency regulation, particularly given the scale of Binance's operation as the largest crypto exchange globally.<\/p>\n\n\n\n Though custodial sentences for such violations are rare, Zhao's punishment was more lenient than the three-year term initially sought by federal prosecutors.<\/p>\n\n\n\n See Related: <\/em><\/strong>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n\n\n\n Under US law, prisoners may be released early if their release date falls on a weekend or holiday. Zhao's time in custody began with three months in Lompoc II, a low-security facility located along California's central coast, followed by a move to a halfway house in August.<\/p>\n\n\n\n Zhao, often referred to by his initials \"CZ,\" is notably one of the wealthiest individuals to have ever been imprisoned in the US, with an estimated net worth of $25.3 billion according to Bloomberg's Billionaires' Index.<\/p>\n\n\n\n In contrast, other cryptocurrency figures facing similar allegations, such as former BitMEX CEO Arthur Hayes, were only sentenced to probation. Prosecutors had hoped to make an example of Zhao, arguing that Binance fostered an environment conducive to money laundering, terrorist financing, and illicit activities.<\/p>\n\n\n\n They claimed that Binance facilitated over 100,000 suspicious transactions involving designated terrorist groups, including Hamas, al-Qaeda, and ISIS, and even played a role in supporting child exploitation content.<\/p>\n","post_title":"Binance's Founder Changpeng Zhao Released From US Prison","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binances-founder-changpeng-zhao-released-from-us-prison","to_ping":"","pinged":"","post_modified":"2024-10-02 15:53:34","post_modified_gmt":"2024-10-02 05:53:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18904","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
An FSA official, who asked not to be mentioned, says there are still no foregone conclusions, including whether the reclassification would occur. The official also says the projected review may last through the winter.<\/p>\n\n\n\n If the crypto rule changes happen, Japan will have taken a big leap from its digital asset regulations<\/a>, which have been considered too strict. The strict regime comes from previous crypto scandal learnings, including the 2014 hack of the now-defunct Tokyo-based crypto exchange Mt.Gox. However, Japan's PM Fumio Kishida has been vocal in pushing for innovations built around Web 3.0 and blockchain.<\/p>\n","post_title":"Japan Considers Crypto Rule Change Favouring Lower Taxes, Dedicated ETFs","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"japan-considers-crypto-rule-change-favouring-lower-taxes-dedicated-etfs","to_ping":"","pinged":"","post_modified":"2024-10-02 23:59:26","post_modified_gmt":"2024-10-02 13:59:26","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18924","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":18904,"post_author":"1","post_date":"2024-10-02 15:53:27","post_date_gmt":"2024-10-02 05:53:27","post_content":"\n Changpeng \"CZ\" Zhao, the founder of Binance, was released from custody on Friday, Bloomberg<\/em> first reported<\/a>. After spending three months in a California prison and weeks in transitional housing, Zhao's early release, two days ahead of his expected release date, marked the end of a sentence linked to his violations of US financial laws.<\/p>\n\n\n\n Zhao faced charges in April for failing to establish adequate anti-money laundering safeguards at Binance, specifically the implementation of a comprehensive Know-Your-Customer (KYC) program. He pleaded guilty to violating the Bank Secrecy Act and was sentenced to four months in prison.<\/p>\n\n\n\n The plea deal included a personal $50 million fine and his resignation as Binance's CEO. Binance itself agreed to pay a $4.3 billion fine to settle related charges with multiple US regulatory bodies. The sentencing marked a major development in the crackdown on cryptocurrency regulation, particularly given the scale of Binance's operation as the largest crypto exchange globally.<\/p>\n\n\n\n Though custodial sentences for such violations are rare, Zhao's punishment was more lenient than the three-year term initially sought by federal prosecutors.<\/p>\n\n\n\n See Related: <\/em><\/strong>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n\n\n\n Under US law, prisoners may be released early if their release date falls on a weekend or holiday. Zhao's time in custody began with three months in Lompoc II, a low-security facility located along California's central coast, followed by a move to a halfway house in August.<\/p>\n\n\n\n Zhao, often referred to by his initials \"CZ,\" is notably one of the wealthiest individuals to have ever been imprisoned in the US, with an estimated net worth of $25.3 billion according to Bloomberg's Billionaires' Index.<\/p>\n\n\n\n In contrast, other cryptocurrency figures facing similar allegations, such as former BitMEX CEO Arthur Hayes, were only sentenced to probation. Prosecutors had hoped to make an example of Zhao, arguing that Binance fostered an environment conducive to money laundering, terrorist financing, and illicit activities.<\/p>\n\n\n\n They claimed that Binance facilitated over 100,000 suspicious transactions involving designated terrorist groups, including Hamas, al-Qaeda, and ISIS, and even played a role in supporting child exploitation content.<\/p>\n","post_title":"Binance's Founder Changpeng Zhao Released From US Prison","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binances-founder-changpeng-zhao-released-from-us-prison","to_ping":"","pinged":"","post_modified":"2024-10-02 15:53:34","post_modified_gmt":"2024-10-02 05:53:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18904","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
BitBank Inc. market analyst Yuya Hasegawa says reclassifying digital assets under the Financial Instruments and Exchange Act will enhance investor safeguards. Hasegawa also expects \u201cdramatic changes,\u201d including scrapping the ban on exchange-traded funds. <\/p>\n\n\n\n An FSA official, who asked not to be mentioned, says there are still no foregone conclusions, including whether the reclassification would occur. The official also says the projected review may last through the winter.<\/p>\n\n\n\n If the crypto rule changes happen, Japan will have taken a big leap from its digital asset regulations<\/a>, which have been considered too strict. The strict regime comes from previous crypto scandal learnings, including the 2014 hack of the now-defunct Tokyo-based crypto exchange Mt.Gox. However, Japan's PM Fumio Kishida has been vocal in pushing for innovations built around Web 3.0 and blockchain.<\/p>\n","post_title":"Japan Considers Crypto Rule Change Favouring Lower Taxes, Dedicated ETFs","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"japan-considers-crypto-rule-change-favouring-lower-taxes-dedicated-etfs","to_ping":"","pinged":"","post_modified":"2024-10-02 23:59:26","post_modified_gmt":"2024-10-02 13:59:26","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18924","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":18904,"post_author":"1","post_date":"2024-10-02 15:53:27","post_date_gmt":"2024-10-02 05:53:27","post_content":"\n Changpeng \"CZ\" Zhao, the founder of Binance, was released from custody on Friday, Bloomberg<\/em> first reported<\/a>. After spending three months in a California prison and weeks in transitional housing, Zhao's early release, two days ahead of his expected release date, marked the end of a sentence linked to his violations of US financial laws.<\/p>\n\n\n\n Zhao faced charges in April for failing to establish adequate anti-money laundering safeguards at Binance, specifically the implementation of a comprehensive Know-Your-Customer (KYC) program. He pleaded guilty to violating the Bank Secrecy Act and was sentenced to four months in prison.<\/p>\n\n\n\n The plea deal included a personal $50 million fine and his resignation as Binance's CEO. Binance itself agreed to pay a $4.3 billion fine to settle related charges with multiple US regulatory bodies. The sentencing marked a major development in the crackdown on cryptocurrency regulation, particularly given the scale of Binance's operation as the largest crypto exchange globally.<\/p>\n\n\n\n Though custodial sentences for such violations are rare, Zhao's punishment was more lenient than the three-year term initially sought by federal prosecutors.<\/p>\n\n\n\n See Related: <\/em><\/strong>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n\n\n\n Under US law, prisoners may be released early if their release date falls on a weekend or holiday. Zhao's time in custody began with three months in Lompoc II, a low-security facility located along California's central coast, followed by a move to a halfway house in August.<\/p>\n\n\n\n Zhao, often referred to by his initials \"CZ,\" is notably one of the wealthiest individuals to have ever been imprisoned in the US, with an estimated net worth of $25.3 billion according to Bloomberg's Billionaires' Index.<\/p>\n\n\n\n In contrast, other cryptocurrency figures facing similar allegations, such as former BitMEX CEO Arthur Hayes, were only sentenced to probation. Prosecutors had hoped to make an example of Zhao, arguing that Binance fostered an environment conducive to money laundering, terrorist financing, and illicit activities.<\/p>\n\n\n\n They claimed that Binance facilitated over 100,000 suspicious transactions involving designated terrorist groups, including Hamas, al-Qaeda, and ISIS, and even played a role in supporting child exploitation content.<\/p>\n","post_title":"Binance's Founder Changpeng Zhao Released From US Prison","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binances-founder-changpeng-zhao-released-from-us-prison","to_ping":"","pinged":"","post_modified":"2024-10-02 15:53:34","post_modified_gmt":"2024-10-02 05:53:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18904","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
BitBank Inc. market analyst Yuya Hasegawa says reclassifying digital assets under the Financial Instruments and Exchange Act will enhance investor safeguards. Hasegawa also expects \u201cdramatic changes,\u201d including scrapping the ban on exchange-traded funds. <\/p>\n\n\n\n An FSA official, who asked not to be mentioned, says there are still no foregone conclusions, including whether the reclassification would occur. The official also says the projected review may last through the winter.<\/p>\n\n\n\n If the crypto rule changes happen, Japan will have taken a big leap from its digital asset regulations<\/a>, which have been considered too strict. The strict regime comes from previous crypto scandal learnings, including the 2014 hack of the now-defunct Tokyo-based crypto exchange Mt.Gox. However, Japan's PM Fumio Kishida has been vocal in pushing for innovations built around Web 3.0 and blockchain.<\/p>\n","post_title":"Japan Considers Crypto Rule Change Favouring Lower Taxes, Dedicated ETFs","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"japan-considers-crypto-rule-change-favouring-lower-taxes-dedicated-etfs","to_ping":"","pinged":"","post_modified":"2024-10-02 23:59:26","post_modified_gmt":"2024-10-02 13:59:26","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18924","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":18904,"post_author":"1","post_date":"2024-10-02 15:53:27","post_date_gmt":"2024-10-02 05:53:27","post_content":"\n Changpeng \"CZ\" Zhao, the founder of Binance, was released from custody on Friday, Bloomberg<\/em> first reported<\/a>. After spending three months in a California prison and weeks in transitional housing, Zhao's early release, two days ahead of his expected release date, marked the end of a sentence linked to his violations of US financial laws.<\/p>\n\n\n\n Zhao faced charges in April for failing to establish adequate anti-money laundering safeguards at Binance, specifically the implementation of a comprehensive Know-Your-Customer (KYC) program. He pleaded guilty to violating the Bank Secrecy Act and was sentenced to four months in prison.<\/p>\n\n\n\n The plea deal included a personal $50 million fine and his resignation as Binance's CEO. Binance itself agreed to pay a $4.3 billion fine to settle related charges with multiple US regulatory bodies. The sentencing marked a major development in the crackdown on cryptocurrency regulation, particularly given the scale of Binance's operation as the largest crypto exchange globally.<\/p>\n\n\n\n Though custodial sentences for such violations are rare, Zhao's punishment was more lenient than the three-year term initially sought by federal prosecutors.<\/p>\n\n\n\n See Related: <\/em><\/strong>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n\n\n\n Under US law, prisoners may be released early if their release date falls on a weekend or holiday. Zhao's time in custody began with three months in Lompoc II, a low-security facility located along California's central coast, followed by a move to a halfway house in August.<\/p>\n\n\n\n Zhao, often referred to by his initials \"CZ,\" is notably one of the wealthiest individuals to have ever been imprisoned in the US, with an estimated net worth of $25.3 billion according to Bloomberg's Billionaires' Index.<\/p>\n\n\n\n In contrast, other cryptocurrency figures facing similar allegations, such as former BitMEX CEO Arthur Hayes, were only sentenced to probation. Prosecutors had hoped to make an example of Zhao, arguing that Binance fostered an environment conducive to money laundering, terrorist financing, and illicit activities.<\/p>\n\n\n\n They claimed that Binance facilitated over 100,000 suspicious transactions involving designated terrorist groups, including Hamas, al-Qaeda, and ISIS, and even played a role in supporting child exploitation content.<\/p>\n","post_title":"Binance's Founder Changpeng Zhao Released From US Prison","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binances-founder-changpeng-zhao-released-from-us-prison","to_ping":"","pinged":"","post_modified":"2024-10-02 15:53:34","post_modified_gmt":"2024-10-02 05:53:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18904","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
See Related: <\/em><\/strong>Japan Lifts Stablecoin Ban, Bright Futures For Crypto In Asia<\/a><\/p>\n\n\n\n BitBank Inc. market analyst Yuya Hasegawa says reclassifying digital assets under the Financial Instruments and Exchange Act will enhance investor safeguards. Hasegawa also expects \u201cdramatic changes,\u201d including scrapping the ban on exchange-traded funds. <\/p>\n\n\n\n An FSA official, who asked not to be mentioned, says there are still no foregone conclusions, including whether the reclassification would occur. The official also says the projected review may last through the winter.<\/p>\n\n\n\n If the crypto rule changes happen, Japan will have taken a big leap from its digital asset regulations<\/a>, which have been considered too strict. The strict regime comes from previous crypto scandal learnings, including the 2014 hack of the now-defunct Tokyo-based crypto exchange Mt.Gox. However, Japan's PM Fumio Kishida has been vocal in pushing for innovations built around Web 3.0 and blockchain.<\/p>\n","post_title":"Japan Considers Crypto Rule Change Favouring Lower Taxes, Dedicated ETFs","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"japan-considers-crypto-rule-change-favouring-lower-taxes-dedicated-etfs","to_ping":"","pinged":"","post_modified":"2024-10-02 23:59:26","post_modified_gmt":"2024-10-02 13:59:26","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18924","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":18904,"post_author":"1","post_date":"2024-10-02 15:53:27","post_date_gmt":"2024-10-02 05:53:27","post_content":"\n Changpeng \"CZ\" Zhao, the founder of Binance, was released from custody on Friday, Bloomberg<\/em> first reported<\/a>. After spending three months in a California prison and weeks in transitional housing, Zhao's early release, two days ahead of his expected release date, marked the end of a sentence linked to his violations of US financial laws.<\/p>\n\n\n\n Zhao faced charges in April for failing to establish adequate anti-money laundering safeguards at Binance, specifically the implementation of a comprehensive Know-Your-Customer (KYC) program. He pleaded guilty to violating the Bank Secrecy Act and was sentenced to four months in prison.<\/p>\n\n\n\n The plea deal included a personal $50 million fine and his resignation as Binance's CEO. Binance itself agreed to pay a $4.3 billion fine to settle related charges with multiple US regulatory bodies. The sentencing marked a major development in the crackdown on cryptocurrency regulation, particularly given the scale of Binance's operation as the largest crypto exchange globally.<\/p>\n\n\n\n Though custodial sentences for such violations are rare, Zhao's punishment was more lenient than the three-year term initially sought by federal prosecutors.<\/p>\n\n\n\n See Related: <\/em><\/strong>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n\n\n\n Under US law, prisoners may be released early if their release date falls on a weekend or holiday. Zhao's time in custody began with three months in Lompoc II, a low-security facility located along California's central coast, followed by a move to a halfway house in August.<\/p>\n\n\n\n Zhao, often referred to by his initials \"CZ,\" is notably one of the wealthiest individuals to have ever been imprisoned in the US, with an estimated net worth of $25.3 billion according to Bloomberg's Billionaires' Index.<\/p>\n\n\n\n In contrast, other cryptocurrency figures facing similar allegations, such as former BitMEX CEO Arthur Hayes, were only sentenced to probation. Prosecutors had hoped to make an example of Zhao, arguing that Binance fostered an environment conducive to money laundering, terrorist financing, and illicit activities.<\/p>\n\n\n\n They claimed that Binance facilitated over 100,000 suspicious transactions involving designated terrorist groups, including Hamas, al-Qaeda, and ISIS, and even played a role in supporting child exploitation content.<\/p>\n","post_title":"Binance's Founder Changpeng Zhao Released From US Prison","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binances-founder-changpeng-zhao-released-from-us-prison","to_ping":"","pinged":"","post_modified":"2024-10-02 15:53:34","post_modified_gmt":"2024-10-02 05:53:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18904","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
The projected changes could see Japan levy gains on digital assets at 20%, a significant cut from the present 55%. The amendment will bring the taxation regime in line with that of other assets, such as stocks.<\/p>\n\n\n\n See Related: <\/em><\/strong>Japan Lifts Stablecoin Ban, Bright Futures For Crypto In Asia<\/a><\/p>\n\n\n\n BitBank Inc. market analyst Yuya Hasegawa says reclassifying digital assets under the Financial Instruments and Exchange Act will enhance investor safeguards. Hasegawa also expects \u201cdramatic changes,\u201d including scrapping the ban on exchange-traded funds. <\/p>\n\n\n\n An FSA official, who asked not to be mentioned, says there are still no foregone conclusions, including whether the reclassification would occur. The official also says the projected review may last through the winter.<\/p>\n\n\n\n If the crypto rule changes happen, Japan will have taken a big leap from its digital asset regulations<\/a>, which have been considered too strict. The strict regime comes from previous crypto scandal learnings, including the 2014 hack of the now-defunct Tokyo-based crypto exchange Mt.Gox. However, Japan's PM Fumio Kishida has been vocal in pushing for innovations built around Web 3.0 and blockchain.<\/p>\n","post_title":"Japan Considers Crypto Rule Change Favouring Lower Taxes, Dedicated ETFs","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"japan-considers-crypto-rule-change-favouring-lower-taxes-dedicated-etfs","to_ping":"","pinged":"","post_modified":"2024-10-02 23:59:26","post_modified_gmt":"2024-10-02 13:59:26","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18924","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":18904,"post_author":"1","post_date":"2024-10-02 15:53:27","post_date_gmt":"2024-10-02 05:53:27","post_content":"\n Changpeng \"CZ\" Zhao, the founder of Binance, was released from custody on Friday, Bloomberg<\/em> first reported<\/a>. After spending three months in a California prison and weeks in transitional housing, Zhao's early release, two days ahead of his expected release date, marked the end of a sentence linked to his violations of US financial laws.<\/p>\n\n\n\n Zhao faced charges in April for failing to establish adequate anti-money laundering safeguards at Binance, specifically the implementation of a comprehensive Know-Your-Customer (KYC) program. He pleaded guilty to violating the Bank Secrecy Act and was sentenced to four months in prison.<\/p>\n\n\n\n The plea deal included a personal $50 million fine and his resignation as Binance's CEO. Binance itself agreed to pay a $4.3 billion fine to settle related charges with multiple US regulatory bodies. The sentencing marked a major development in the crackdown on cryptocurrency regulation, particularly given the scale of Binance's operation as the largest crypto exchange globally.<\/p>\n\n\n\n Though custodial sentences for such violations are rare, Zhao's punishment was more lenient than the three-year term initially sought by federal prosecutors.<\/p>\n\n\n\n See Related: <\/em><\/strong>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n\n\n\n Under US law, prisoners may be released early if their release date falls on a weekend or holiday. Zhao's time in custody began with three months in Lompoc II, a low-security facility located along California's central coast, followed by a move to a halfway house in August.<\/p>\n\n\n\n Zhao, often referred to by his initials \"CZ,\" is notably one of the wealthiest individuals to have ever been imprisoned in the US, with an estimated net worth of $25.3 billion according to Bloomberg's Billionaires' Index.<\/p>\n\n\n\n In contrast, other cryptocurrency figures facing similar allegations, such as former BitMEX CEO Arthur Hayes, were only sentenced to probation. Prosecutors had hoped to make an example of Zhao, arguing that Binance fostered an environment conducive to money laundering, terrorist financing, and illicit activities.<\/p>\n\n\n\n They claimed that Binance facilitated over 100,000 suspicious transactions involving designated terrorist groups, including Hamas, al-Qaeda, and ISIS, and even played a role in supporting child exploitation content.<\/p>\n","post_title":"Binance's Founder Changpeng Zhao Released From US Prison","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binances-founder-changpeng-zhao-released-from-us-prison","to_ping":"","pinged":"","post_modified":"2024-10-02 15:53:34","post_modified_gmt":"2024-10-02 05:53:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18904","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
The changes to be made by the Financial Services Agency will evaluate whether Japan's approach to regulating the crypto sector under the Payment Act is effective. Particular focus will be made on whether the act offers adequate investor protection since tokens are mostly used for investment instead of payments. This could see the reclassification of digital assets under the nation\u2019s investment law.<\/p>\n\n\n\n The projected changes could see Japan levy gains on digital assets at 20%, a significant cut from the present 55%. The amendment will bring the taxation regime in line with that of other assets, such as stocks.<\/p>\n\n\n\n See Related: <\/em><\/strong>Japan Lifts Stablecoin Ban, Bright Futures For Crypto In Asia<\/a><\/p>\n\n\n\n BitBank Inc. market analyst Yuya Hasegawa says reclassifying digital assets under the Financial Instruments and Exchange Act will enhance investor safeguards. Hasegawa also expects \u201cdramatic changes,\u201d including scrapping the ban on exchange-traded funds. <\/p>\n\n\n\n An FSA official, who asked not to be mentioned, says there are still no foregone conclusions, including whether the reclassification would occur. The official also says the projected review may last through the winter.<\/p>\n\n\n\n If the crypto rule changes happen, Japan will have taken a big leap from its digital asset regulations<\/a>, which have been considered too strict. The strict regime comes from previous crypto scandal learnings, including the 2014 hack of the now-defunct Tokyo-based crypto exchange Mt.Gox. However, Japan's PM Fumio Kishida has been vocal in pushing for innovations built around Web 3.0 and blockchain.<\/p>\n","post_title":"Japan Considers Crypto Rule Change Favouring Lower Taxes, Dedicated ETFs","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"japan-considers-crypto-rule-change-favouring-lower-taxes-dedicated-etfs","to_ping":"","pinged":"","post_modified":"2024-10-02 23:59:26","post_modified_gmt":"2024-10-02 13:59:26","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18924","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":18904,"post_author":"1","post_date":"2024-10-02 15:53:27","post_date_gmt":"2024-10-02 05:53:27","post_content":"\n Changpeng \"CZ\" Zhao, the founder of Binance, was released from custody on Friday, Bloomberg<\/em> first reported<\/a>. After spending three months in a California prison and weeks in transitional housing, Zhao's early release, two days ahead of his expected release date, marked the end of a sentence linked to his violations of US financial laws.<\/p>\n\n\n\n Zhao faced charges in April for failing to establish adequate anti-money laundering safeguards at Binance, specifically the implementation of a comprehensive Know-Your-Customer (KYC) program. He pleaded guilty to violating the Bank Secrecy Act and was sentenced to four months in prison.<\/p>\n\n\n\n The plea deal included a personal $50 million fine and his resignation as Binance's CEO. Binance itself agreed to pay a $4.3 billion fine to settle related charges with multiple US regulatory bodies. The sentencing marked a major development in the crackdown on cryptocurrency regulation, particularly given the scale of Binance's operation as the largest crypto exchange globally.<\/p>\n\n\n\n Though custodial sentences for such violations are rare, Zhao's punishment was more lenient than the three-year term initially sought by federal prosecutors.<\/p>\n\n\n\n See Related: <\/em><\/strong>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n\n\n\n Under US law, prisoners may be released early if their release date falls on a weekend or holiday. Zhao's time in custody began with three months in Lompoc II, a low-security facility located along California's central coast, followed by a move to a halfway house in August.<\/p>\n\n\n\n Zhao, often referred to by his initials \"CZ,\" is notably one of the wealthiest individuals to have ever been imprisoned in the US, with an estimated net worth of $25.3 billion according to Bloomberg's Billionaires' Index.<\/p>\n\n\n\n In contrast, other cryptocurrency figures facing similar allegations, such as former BitMEX CEO Arthur Hayes, were only sentenced to probation. Prosecutors had hoped to make an example of Zhao, arguing that Binance fostered an environment conducive to money laundering, terrorist financing, and illicit activities.<\/p>\n\n\n\n They claimed that Binance facilitated over 100,000 suspicious transactions involving designated terrorist groups, including Hamas, al-Qaeda, and ISIS, and even played a role in supporting child exploitation content.<\/p>\n","post_title":"Binance's Founder Changpeng Zhao Released From US Prison","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binances-founder-changpeng-zhao-released-from-us-prison","to_ping":"","pinged":"","post_modified":"2024-10-02 15:53:34","post_modified_gmt":"2024-10-02 05:53:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18904","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Japan is reportedly<\/a> interested in reviewing its cryptocurrency rules in the coming months. The rule change could introduce lower digital asset taxes and channel domestic funds to crypto tokens. <\/p>\n\n\n\n The changes to be made by the Financial Services Agency will evaluate whether Japan's approach to regulating the crypto sector under the Payment Act is effective. Particular focus will be made on whether the act offers adequate investor protection since tokens are mostly used for investment instead of payments. This could see the reclassification of digital assets under the nation\u2019s investment law.<\/p>\n\n\n\n The projected changes could see Japan levy gains on digital assets at 20%, a significant cut from the present 55%. The amendment will bring the taxation regime in line with that of other assets, such as stocks.<\/p>\n\n\n\n See Related: <\/em><\/strong>Japan Lifts Stablecoin Ban, Bright Futures For Crypto In Asia<\/a><\/p>\n\n\n\n BitBank Inc. market analyst Yuya Hasegawa says reclassifying digital assets under the Financial Instruments and Exchange Act will enhance investor safeguards. Hasegawa also expects \u201cdramatic changes,\u201d including scrapping the ban on exchange-traded funds. <\/p>\n\n\n\n An FSA official, who asked not to be mentioned, says there are still no foregone conclusions, including whether the reclassification would occur. The official also says the projected review may last through the winter.<\/p>\n\n\n\n If the crypto rule changes happen, Japan will have taken a big leap from its digital asset regulations<\/a>, which have been considered too strict. The strict regime comes from previous crypto scandal learnings, including the 2014 hack of the now-defunct Tokyo-based crypto exchange Mt.Gox. However, Japan's PM Fumio Kishida has been vocal in pushing for innovations built around Web 3.0 and blockchain.<\/p>\n","post_title":"Japan Considers Crypto Rule Change Favouring Lower Taxes, Dedicated ETFs","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"japan-considers-crypto-rule-change-favouring-lower-taxes-dedicated-etfs","to_ping":"","pinged":"","post_modified":"2024-10-02 23:59:26","post_modified_gmt":"2024-10-02 13:59:26","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18924","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":18904,"post_author":"1","post_date":"2024-10-02 15:53:27","post_date_gmt":"2024-10-02 05:53:27","post_content":"\n Changpeng \"CZ\" Zhao, the founder of Binance, was released from custody on Friday, Bloomberg<\/em> first reported<\/a>. After spending three months in a California prison and weeks in transitional housing, Zhao's early release, two days ahead of his expected release date, marked the end of a sentence linked to his violations of US financial laws.<\/p>\n\n\n\n Zhao faced charges in April for failing to establish adequate anti-money laundering safeguards at Binance, specifically the implementation of a comprehensive Know-Your-Customer (KYC) program. He pleaded guilty to violating the Bank Secrecy Act and was sentenced to four months in prison.<\/p>\n\n\n\n The plea deal included a personal $50 million fine and his resignation as Binance's CEO. Binance itself agreed to pay a $4.3 billion fine to settle related charges with multiple US regulatory bodies. The sentencing marked a major development in the crackdown on cryptocurrency regulation, particularly given the scale of Binance's operation as the largest crypto exchange globally.<\/p>\n\n\n\n Though custodial sentences for such violations are rare, Zhao's punishment was more lenient than the three-year term initially sought by federal prosecutors.<\/p>\n\n\n\n See Related: <\/em><\/strong>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n\n\n\n Under US law, prisoners may be released early if their release date falls on a weekend or holiday. Zhao's time in custody began with three months in Lompoc II, a low-security facility located along California's central coast, followed by a move to a halfway house in August.<\/p>\n\n\n\n Zhao, often referred to by his initials \"CZ,\" is notably one of the wealthiest individuals to have ever been imprisoned in the US, with an estimated net worth of $25.3 billion according to Bloomberg's Billionaires' Index.<\/p>\n\n\n\n In contrast, other cryptocurrency figures facing similar allegations, such as former BitMEX CEO Arthur Hayes, were only sentenced to probation. Prosecutors had hoped to make an example of Zhao, arguing that Binance fostered an environment conducive to money laundering, terrorist financing, and illicit activities.<\/p>\n\n\n\n They claimed that Binance facilitated over 100,000 suspicious transactions involving designated terrorist groups, including Hamas, al-Qaeda, and ISIS, and even played a role in supporting child exploitation content.<\/p>\n","post_title":"Binance's Founder Changpeng Zhao Released From US Prison","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binances-founder-changpeng-zhao-released-from-us-prison","to_ping":"","pinged":"","post_modified":"2024-10-02 15:53:34","post_modified_gmt":"2024-10-02 05:53:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18904","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Japan is reportedly<\/a> interested in reviewing its cryptocurrency rules in the coming months. The rule change could introduce lower digital asset taxes and channel domestic funds to crypto tokens. <\/p>\n\n\n\n The changes to be made by the Financial Services Agency will evaluate whether Japan's approach to regulating the crypto sector under the Payment Act is effective. Particular focus will be made on whether the act offers adequate investor protection since tokens are mostly used for investment instead of payments. This could see the reclassification of digital assets under the nation\u2019s investment law.<\/p>\n\n\n\n The projected changes could see Japan levy gains on digital assets at 20%, a significant cut from the present 55%. The amendment will bring the taxation regime in line with that of other assets, such as stocks.<\/p>\n\n\n\n See Related: <\/em><\/strong>Japan Lifts Stablecoin Ban, Bright Futures For Crypto In Asia<\/a><\/p>\n\n\n\n BitBank Inc. market analyst Yuya Hasegawa says reclassifying digital assets under the Financial Instruments and Exchange Act will enhance investor safeguards. Hasegawa also expects \u201cdramatic changes,\u201d including scrapping the ban on exchange-traded funds. <\/p>\n\n\n\n An FSA official, who asked not to be mentioned, says there are still no foregone conclusions, including whether the reclassification would occur. The official also says the projected review may last through the winter.<\/p>\n\n\n\n If the crypto rule changes happen, Japan will have taken a big leap from its digital asset regulations<\/a>, which have been considered too strict. The strict regime comes from previous crypto scandal learnings, including the 2014 hack of the now-defunct Tokyo-based crypto exchange Mt.Gox. However, Japan's PM Fumio Kishida has been vocal in pushing for innovations built around Web 3.0 and blockchain.<\/p>\n","post_title":"Japan Considers Crypto Rule Change Favouring Lower Taxes, Dedicated ETFs","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"japan-considers-crypto-rule-change-favouring-lower-taxes-dedicated-etfs","to_ping":"","pinged":"","post_modified":"2024-10-02 23:59:26","post_modified_gmt":"2024-10-02 13:59:26","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18924","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":18904,"post_author":"1","post_date":"2024-10-02 15:53:27","post_date_gmt":"2024-10-02 05:53:27","post_content":"\n Changpeng \"CZ\" Zhao, the founder of Binance, was released from custody on Friday, Bloomberg<\/em> first reported<\/a>. After spending three months in a California prison and weeks in transitional housing, Zhao's early release, two days ahead of his expected release date, marked the end of a sentence linked to his violations of US financial laws.<\/p>\n\n\n\n Zhao faced charges in April for failing to establish adequate anti-money laundering safeguards at Binance, specifically the implementation of a comprehensive Know-Your-Customer (KYC) program. He pleaded guilty to violating the Bank Secrecy Act and was sentenced to four months in prison.<\/p>\n\n\n\n The plea deal included a personal $50 million fine and his resignation as Binance's CEO. Binance itself agreed to pay a $4.3 billion fine to settle related charges with multiple US regulatory bodies. The sentencing marked a major development in the crackdown on cryptocurrency regulation, particularly given the scale of Binance's operation as the largest crypto exchange globally.<\/p>\n\n\n\n Though custodial sentences for such violations are rare, Zhao's punishment was more lenient than the three-year term initially sought by federal prosecutors.<\/p>\n\n\n\n See Related: <\/em><\/strong>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n\n\n\n Under US law, prisoners may be released early if their release date falls on a weekend or holiday. Zhao's time in custody began with three months in Lompoc II, a low-security facility located along California's central coast, followed by a move to a halfway house in August.<\/p>\n\n\n\n Zhao, often referred to by his initials \"CZ,\" is notably one of the wealthiest individuals to have ever been imprisoned in the US, with an estimated net worth of $25.3 billion according to Bloomberg's Billionaires' Index.<\/p>\n\n\n\n In contrast, other cryptocurrency figures facing similar allegations, such as former BitMEX CEO Arthur Hayes, were only sentenced to probation. Prosecutors had hoped to make an example of Zhao, arguing that Binance fostered an environment conducive to money laundering, terrorist financing, and illicit activities.<\/p>\n\n\n\n They claimed that Binance facilitated over 100,000 suspicious transactions involving designated terrorist groups, including Hamas, al-Qaeda, and ISIS, and even played a role in supporting child exploitation content.<\/p>\n","post_title":"Binance's Founder Changpeng Zhao Released From US Prison","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binances-founder-changpeng-zhao-released-from-us-prison","to_ping":"","pinged":"","post_modified":"2024-10-02 15:53:34","post_modified_gmt":"2024-10-02 05:53:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18904","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Japan is reportedly<\/a> interested in reviewing its cryptocurrency rules in the coming months. The rule change could introduce lower digital asset taxes and channel domestic funds to crypto tokens. <\/p>\n\n\n\n The changes to be made by the Financial Services Agency will evaluate whether Japan's approach to regulating the crypto sector under the Payment Act is effective. Particular focus will be made on whether the act offers adequate investor protection since tokens are mostly used for investment instead of payments. This could see the reclassification of digital assets under the nation\u2019s investment law.<\/p>\n\n\n\n The projected changes could see Japan levy gains on digital assets at 20%, a significant cut from the present 55%. The amendment will bring the taxation regime in line with that of other assets, such as stocks.<\/p>\n\n\n\n See Related: <\/em><\/strong>Japan Lifts Stablecoin Ban, Bright Futures For Crypto In Asia<\/a><\/p>\n\n\n\n BitBank Inc. market analyst Yuya Hasegawa says reclassifying digital assets under the Financial Instruments and Exchange Act will enhance investor safeguards. Hasegawa also expects \u201cdramatic changes,\u201d including scrapping the ban on exchange-traded funds. <\/p>\n\n\n\n An FSA official, who asked not to be mentioned, says there are still no foregone conclusions, including whether the reclassification would occur. The official also says the projected review may last through the winter.<\/p>\n\n\n\n If the crypto rule changes happen, Japan will have taken a big leap from its digital asset regulations<\/a>, which have been considered too strict. The strict regime comes from previous crypto scandal learnings, including the 2014 hack of the now-defunct Tokyo-based crypto exchange Mt.Gox. However, Japan's PM Fumio Kishida has been vocal in pushing for innovations built around Web 3.0 and blockchain.<\/p>\n","post_title":"Japan Considers Crypto Rule Change Favouring Lower Taxes, Dedicated ETFs","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"japan-considers-crypto-rule-change-favouring-lower-taxes-dedicated-etfs","to_ping":"","pinged":"","post_modified":"2024-10-02 23:59:26","post_modified_gmt":"2024-10-02 13:59:26","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18924","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":18904,"post_author":"1","post_date":"2024-10-02 15:53:27","post_date_gmt":"2024-10-02 05:53:27","post_content":"\n Changpeng \"CZ\" Zhao, the founder of Binance, was released from custody on Friday, Bloomberg<\/em> first reported<\/a>. After spending three months in a California prison and weeks in transitional housing, Zhao's early release, two days ahead of his expected release date, marked the end of a sentence linked to his violations of US financial laws.<\/p>\n\n\n\n Zhao faced charges in April for failing to establish adequate anti-money laundering safeguards at Binance, specifically the implementation of a comprehensive Know-Your-Customer (KYC) program. He pleaded guilty to violating the Bank Secrecy Act and was sentenced to four months in prison.<\/p>\n\n\n\n The plea deal included a personal $50 million fine and his resignation as Binance's CEO. Binance itself agreed to pay a $4.3 billion fine to settle related charges with multiple US regulatory bodies. The sentencing marked a major development in the crackdown on cryptocurrency regulation, particularly given the scale of Binance's operation as the largest crypto exchange globally.<\/p>\n\n\n\n Though custodial sentences for such violations are rare, Zhao's punishment was more lenient than the three-year term initially sought by federal prosecutors.<\/p>\n\n\n\n See Related: <\/em><\/strong>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n\n\n\n Under US law, prisoners may be released early if their release date falls on a weekend or holiday. Zhao's time in custody began with three months in Lompoc II, a low-security facility located along California's central coast, followed by a move to a halfway house in August.<\/p>\n\n\n\n Zhao, often referred to by his initials \"CZ,\" is notably one of the wealthiest individuals to have ever been imprisoned in the US, with an estimated net worth of $25.3 billion according to Bloomberg's Billionaires' Index.<\/p>\n\n\n\n In contrast, other cryptocurrency figures facing similar allegations, such as former BitMEX CEO Arthur Hayes, were only sentenced to probation. Prosecutors had hoped to make an example of Zhao, arguing that Binance fostered an environment conducive to money laundering, terrorist financing, and illicit activities.<\/p>\n\n\n\n They claimed that Binance facilitated over 100,000 suspicious transactions involving designated terrorist groups, including Hamas, al-Qaeda, and ISIS, and even played a role in supporting child exploitation content.<\/p>\n","post_title":"Binance's Founder Changpeng Zhao Released From US Prison","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binances-founder-changpeng-zhao-released-from-us-prison","to_ping":"","pinged":"","post_modified":"2024-10-02 15:53:34","post_modified_gmt":"2024-10-02 05:53:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18904","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Japan is reportedly<\/a> interested in reviewing its cryptocurrency rules in the coming months. The rule change could introduce lower digital asset taxes and channel domestic funds to crypto tokens. <\/p>\n\n\n\n The changes to be made by the Financial Services Agency will evaluate whether Japan's approach to regulating the crypto sector under the Payment Act is effective. Particular focus will be made on whether the act offers adequate investor protection since tokens are mostly used for investment instead of payments. This could see the reclassification of digital assets under the nation\u2019s investment law.<\/p>\n\n\n\n The projected changes could see Japan levy gains on digital assets at 20%, a significant cut from the present 55%. The amendment will bring the taxation regime in line with that of other assets, such as stocks.<\/p>\n\n\n\n See Related: <\/em><\/strong>Japan Lifts Stablecoin Ban, Bright Futures For Crypto In Asia<\/a><\/p>\n\n\n\n BitBank Inc. market analyst Yuya Hasegawa says reclassifying digital assets under the Financial Instruments and Exchange Act will enhance investor safeguards. Hasegawa also expects \u201cdramatic changes,\u201d including scrapping the ban on exchange-traded funds. <\/p>\n\n\n\n An FSA official, who asked not to be mentioned, says there are still no foregone conclusions, including whether the reclassification would occur. The official also says the projected review may last through the winter.<\/p>\n\n\n\n If the crypto rule changes happen, Japan will have taken a big leap from its digital asset regulations<\/a>, which have been considered too strict. The strict regime comes from previous crypto scandal learnings, including the 2014 hack of the now-defunct Tokyo-based crypto exchange Mt.Gox. However, Japan's PM Fumio Kishida has been vocal in pushing for innovations built around Web 3.0 and blockchain.<\/p>\n","post_title":"Japan Considers Crypto Rule Change Favouring Lower Taxes, Dedicated ETFs","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"japan-considers-crypto-rule-change-favouring-lower-taxes-dedicated-etfs","to_ping":"","pinged":"","post_modified":"2024-10-02 23:59:26","post_modified_gmt":"2024-10-02 13:59:26","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18924","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":18904,"post_author":"1","post_date":"2024-10-02 15:53:27","post_date_gmt":"2024-10-02 05:53:27","post_content":"\n Changpeng \"CZ\" Zhao, the founder of Binance, was released from custody on Friday, Bloomberg<\/em> first reported<\/a>. After spending three months in a California prison and weeks in transitional housing, Zhao's early release, two days ahead of his expected release date, marked the end of a sentence linked to his violations of US financial laws.<\/p>\n\n\n\n Zhao faced charges in April for failing to establish adequate anti-money laundering safeguards at Binance, specifically the implementation of a comprehensive Know-Your-Customer (KYC) program. He pleaded guilty to violating the Bank Secrecy Act and was sentenced to four months in prison.<\/p>\n\n\n\n The plea deal included a personal $50 million fine and his resignation as Binance's CEO. Binance itself agreed to pay a $4.3 billion fine to settle related charges with multiple US regulatory bodies. The sentencing marked a major development in the crackdown on cryptocurrency regulation, particularly given the scale of Binance's operation as the largest crypto exchange globally.<\/p>\n\n\n\n Though custodial sentences for such violations are rare, Zhao's punishment was more lenient than the three-year term initially sought by federal prosecutors.<\/p>\n\n\n\n See Related: <\/em><\/strong>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n\n\n\n Under US law, prisoners may be released early if their release date falls on a weekend or holiday. Zhao's time in custody began with three months in Lompoc II, a low-security facility located along California's central coast, followed by a move to a halfway house in August.<\/p>\n\n\n\n Zhao, often referred to by his initials \"CZ,\" is notably one of the wealthiest individuals to have ever been imprisoned in the US, with an estimated net worth of $25.3 billion according to Bloomberg's Billionaires' Index.<\/p>\n\n\n\n In contrast, other cryptocurrency figures facing similar allegations, such as former BitMEX CEO Arthur Hayes, were only sentenced to probation. Prosecutors had hoped to make an example of Zhao, arguing that Binance fostered an environment conducive to money laundering, terrorist financing, and illicit activities.<\/p>\n\n\n\n They claimed that Binance facilitated over 100,000 suspicious transactions involving designated terrorist groups, including Hamas, al-Qaeda, and ISIS, and even played a role in supporting child exploitation content.<\/p>\n","post_title":"Binance's Founder Changpeng Zhao Released From US Prison","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binances-founder-changpeng-zhao-released-from-us-prison","to_ping":"","pinged":"","post_modified":"2024-10-02 15:53:34","post_modified_gmt":"2024-10-02 05:53:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18904","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
<\/p>\n","post_title":"Netherlands Announces Stricter Crypto Reporting Laws For 2026","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"netherlands-announces-stricter-crypto-reporting-laws-for-2026","to_ping":"","pinged":"","post_modified":"2024-10-28 05:30:20","post_modified_gmt":"2024-10-27 18:30:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=19300","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":18924,"post_author":"21","post_date":"2024-10-02 23:59:20","post_date_gmt":"2024-10-02 13:59:20","post_content":"\n Japan is reportedly<\/a> interested in reviewing its cryptocurrency rules in the coming months. The rule change could introduce lower digital asset taxes and channel domestic funds to crypto tokens. <\/p>\n\n\n\n The changes to be made by the Financial Services Agency will evaluate whether Japan's approach to regulating the crypto sector under the Payment Act is effective. Particular focus will be made on whether the act offers adequate investor protection since tokens are mostly used for investment instead of payments. This could see the reclassification of digital assets under the nation\u2019s investment law.<\/p>\n\n\n\n The projected changes could see Japan levy gains on digital assets at 20%, a significant cut from the present 55%. The amendment will bring the taxation regime in line with that of other assets, such as stocks.<\/p>\n\n\n\n See Related: <\/em><\/strong>Japan Lifts Stablecoin Ban, Bright Futures For Crypto In Asia<\/a><\/p>\n\n\n\n BitBank Inc. market analyst Yuya Hasegawa says reclassifying digital assets under the Financial Instruments and Exchange Act will enhance investor safeguards. Hasegawa also expects \u201cdramatic changes,\u201d including scrapping the ban on exchange-traded funds. <\/p>\n\n\n\n An FSA official, who asked not to be mentioned, says there are still no foregone conclusions, including whether the reclassification would occur. The official also says the projected review may last through the winter.<\/p>\n\n\n\n If the crypto rule changes happen, Japan will have taken a big leap from its digital asset regulations<\/a>, which have been considered too strict. The strict regime comes from previous crypto scandal learnings, including the 2014 hack of the now-defunct Tokyo-based crypto exchange Mt.Gox. However, Japan's PM Fumio Kishida has been vocal in pushing for innovations built around Web 3.0 and blockchain.<\/p>\n","post_title":"Japan Considers Crypto Rule Change Favouring Lower Taxes, Dedicated ETFs","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"japan-considers-crypto-rule-change-favouring-lower-taxes-dedicated-etfs","to_ping":"","pinged":"","post_modified":"2024-10-02 23:59:26","post_modified_gmt":"2024-10-02 13:59:26","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18924","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":18904,"post_author":"1","post_date":"2024-10-02 15:53:27","post_date_gmt":"2024-10-02 05:53:27","post_content":"\n Changpeng \"CZ\" Zhao, the founder of Binance, was released from custody on Friday, Bloomberg<\/em> first reported<\/a>. After spending three months in a California prison and weeks in transitional housing, Zhao's early release, two days ahead of his expected release date, marked the end of a sentence linked to his violations of US financial laws.<\/p>\n\n\n\n Zhao faced charges in April for failing to establish adequate anti-money laundering safeguards at Binance, specifically the implementation of a comprehensive Know-Your-Customer (KYC) program. He pleaded guilty to violating the Bank Secrecy Act and was sentenced to four months in prison.<\/p>\n\n\n\n The plea deal included a personal $50 million fine and his resignation as Binance's CEO. Binance itself agreed to pay a $4.3 billion fine to settle related charges with multiple US regulatory bodies. The sentencing marked a major development in the crackdown on cryptocurrency regulation, particularly given the scale of Binance's operation as the largest crypto exchange globally.<\/p>\n\n\n\n Though custodial sentences for such violations are rare, Zhao's punishment was more lenient than the three-year term initially sought by federal prosecutors.<\/p>\n\n\n\n See Related: <\/em><\/strong>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n\n\n\n Under US law, prisoners may be released early if their release date falls on a weekend or holiday. Zhao's time in custody began with three months in Lompoc II, a low-security facility located along California's central coast, followed by a move to a halfway house in August.<\/p>\n\n\n\n Zhao, often referred to by his initials \"CZ,\" is notably one of the wealthiest individuals to have ever been imprisoned in the US, with an estimated net worth of $25.3 billion according to Bloomberg's Billionaires' Index.<\/p>\n\n\n\n In contrast, other cryptocurrency figures facing similar allegations, such as former BitMEX CEO Arthur Hayes, were only sentenced to probation. Prosecutors had hoped to make an example of Zhao, arguing that Binance fostered an environment conducive to money laundering, terrorist financing, and illicit activities.<\/p>\n\n\n\n They claimed that Binance facilitated over 100,000 suspicious transactions involving designated terrorist groups, including Hamas, al-Qaeda, and ISIS, and even played a role in supporting child exploitation content.<\/p>\n","post_title":"Binance's Founder Changpeng Zhao Released From US Prison","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binances-founder-changpeng-zhao-released-from-us-prison","to_ping":"","pinged":"","post_modified":"2024-10-02 15:53:34","post_modified_gmt":"2024-10-02 05:53:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18904","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
At the heart of this legislative push is the desire to create a level playing field in the financial markets. Traditional institutions like banks and investment funds already face stringent reporting obligations. By extending similar responsibilities to crypto service providers, the EU aims to ensure that cryptocurrency assets are not used as a vehicle for tax evasion.<\/p>\n\n\n\n <\/p>\n","post_title":"Netherlands Announces Stricter Crypto Reporting Laws For 2026","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"netherlands-announces-stricter-crypto-reporting-laws-for-2026","to_ping":"","pinged":"","post_modified":"2024-10-28 05:30:20","post_modified_gmt":"2024-10-27 18:30:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=19300","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":18924,"post_author":"21","post_date":"2024-10-02 23:59:20","post_date_gmt":"2024-10-02 13:59:20","post_content":"\n Japan is reportedly<\/a> interested in reviewing its cryptocurrency rules in the coming months. The rule change could introduce lower digital asset taxes and channel domestic funds to crypto tokens. <\/p>\n\n\n\n The changes to be made by the Financial Services Agency will evaluate whether Japan's approach to regulating the crypto sector under the Payment Act is effective. Particular focus will be made on whether the act offers adequate investor protection since tokens are mostly used for investment instead of payments. This could see the reclassification of digital assets under the nation\u2019s investment law.<\/p>\n\n\n\n The projected changes could see Japan levy gains on digital assets at 20%, a significant cut from the present 55%. The amendment will bring the taxation regime in line with that of other assets, such as stocks.<\/p>\n\n\n\n See Related: <\/em><\/strong>Japan Lifts Stablecoin Ban, Bright Futures For Crypto In Asia<\/a><\/p>\n\n\n\n BitBank Inc. market analyst Yuya Hasegawa says reclassifying digital assets under the Financial Instruments and Exchange Act will enhance investor safeguards. Hasegawa also expects \u201cdramatic changes,\u201d including scrapping the ban on exchange-traded funds. <\/p>\n\n\n\n An FSA official, who asked not to be mentioned, says there are still no foregone conclusions, including whether the reclassification would occur. The official also says the projected review may last through the winter.<\/p>\n\n\n\n If the crypto rule changes happen, Japan will have taken a big leap from its digital asset regulations<\/a>, which have been considered too strict. The strict regime comes from previous crypto scandal learnings, including the 2014 hack of the now-defunct Tokyo-based crypto exchange Mt.Gox. However, Japan's PM Fumio Kishida has been vocal in pushing for innovations built around Web 3.0 and blockchain.<\/p>\n","post_title":"Japan Considers Crypto Rule Change Favouring Lower Taxes, Dedicated ETFs","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"japan-considers-crypto-rule-change-favouring-lower-taxes-dedicated-etfs","to_ping":"","pinged":"","post_modified":"2024-10-02 23:59:26","post_modified_gmt":"2024-10-02 13:59:26","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18924","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":18904,"post_author":"1","post_date":"2024-10-02 15:53:27","post_date_gmt":"2024-10-02 05:53:27","post_content":"\nEarly Release For Changpeng Zhao<\/h2>\n\n\n\n
Early Release For Changpeng Zhao<\/h2>\n\n\n\n
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