U.S. prosecutors seek 36-month sentence for ex-Binance CEO Changpeng Zhao
- U.S. prosecutors seek 36 months for ex-CEO of Binance for money laundering, above advisory guidelines, per sentencing memo.
- Zhao allegedly failed Anti-Money Laundering rules, enabling Binance transactions involving unlawful activity; fined $50M.
- U.S. orders Binance to pay $4.3 billion, fines Zhao $50 million, calling it a "historically large fine.
25 Articles
25 Articles
Daily Post Nigeria
Money laundering: US wants 36 months jail term for Binance founder, Zhao
United States prosecutors in a court filing on Tuesday said the founder of Binance, the world’s largest cryptocurrency exchange, Changpeng Zhao, should serve 36 months in prison. According to Reuters, the development came after Zhao pleaded guilty to violating laws against money laundering. He is expected to be sentenced on April 30 in Seattle. Zhao stepped down as Binance’s chief last November, when he and the exchange admitted to the violation…
The U.S. State Department argues that, given the gravity of the crime, the sentence that the C.J. should be required to serve should be more than 18 months on a regular basis for this type of offense, and Changpeng was declared guilty of not reporting suspicious transactions to Binance.
DOJ recommends 36-month prison sentence for former Binance CEO Changpeng Zhao
Federal prosecutors Tuesday recommended 36 months in prison and a $50 million fine for former Binance CEO Changpeng Zhao. He pleaded guilty to violating money laundering laws under the Bank Secrecy Act.
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