Former Binance CEO Changpeng Zhao could face 3 years in prison
Summary overview:
•Binance co-founder and former CEO Changpeng Zhao may face 3 years in prison.
•Relevant departments recommended setting Zhao Changpeng’s sentencing date on April 30 and proposed a fine of US$50 million.
•Zhao’s actions were characterized as a serious threat to the financial system.
Changpeng Zhao (CZ), the founder and former CEO of Binance, the world’s largest cryptocurrency exchange, could face a three-year prison sentence.
The development comes after Changpeng Zhao pleaded guilty to charges of assisting companies in violating anti-money laundering laws and sanctions.
The trial of Binance co-founder Changpeng Zhao will be held on 4#30
According to Reuters, federal prosecutors have proposed a 36-month prison sentence for Zhao Changpeng, a proposal intended to highlight the seriousness of his violation of the Bank Secrecy Act. In addition, in a sentencing memorandum filed on Tuesday, prosecutors also recommended that Zhao be fined up to $50 million.
Prosecutors in the case pointed to Zhao's conduct as having broad implications for the integrity of the financial system and called for a harsher sentence. They intend to punish Zhao and deter future similar behavior in the industry.
Prosecutors in the case pointed to the widespread impact of Zhao's actions on the integrity of the financial system and called for a harsher sentence. By punishing Zhao, they intend to serve as a deterrent and deter others in the industry from engaging in similar misconduct in the future.
The U.S. prosecutor stated: "Given Changpeng Zhao's willful violation of U.S. law and the seriousness of its consequences, we believe that a sentence of 36 months in prison that exceeds the standard recommendation is reasonable."
The position represents a significant shift from an earlier plea deal, which recommended a maximum sentence of 18 months.
Legal proceedings involving Zhao have already experienced delays. His sentencing has been postponed to April 30. Since his first court appearance in Seattle last year, Zhao has been unable to return to his home in Dubai, where he lives with his family.
The legal proceedings involving Zhao Changpeng have been postponed, and his judgment has been postponed to April 30. Since his first court appearance in Seattle last year, Zhao has been unable to return to Dubai, where he lives with his family.
Meanwhile, Binance also pleaded guilty to the charges. The company has agreed to pay a fine of up to $4.3 billion and will report to a court-appointed monitor, but so far the monitor has not been formally appointed.
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