CZ Chooses Confrontation Over Exile in Binance AML Case

Binance founder Changpeng Zhao (CZ) revealed why he chose to face US prosecutors during his AML violation case, despite holding UAE citizenship that could have kept him out of US law enforcement.

CZ talked about the matter in a fireside chat with Anthony Scaramucci at the Wyoming Blockchain Symposium in Jackson Hole. He stated that he had become a citizen of the United Arab Emirates approximately six months before the Binance case became public, but chose not to use this status to avoid prosecution.

'Actually, I was granted citizenship of the UAE, but I didn’t want to leverage that,' Zhao explained. 'That’s just the wrong thing to do.' He believed that resolving the case one way or another was better for himself, Binance, BNB holders, and the wider crypto industry.

CZ received a four-month prison sentence for violating the Bank Secrecy Act, which he considered harsh compared to other cases. 'I think I’m still the single only person that went to jail for a single violation of a Banking Secrecy Act,' he remarked.