Binance founder should be jailed for 36 months, US prosecutors say

According to reports, the sentencing date for Changpeng “CZ” Zhao, the founder of Binance, is set for April 30. It’s been alleged that the prosecutors have decided on the length of his prison term at this point.

According to Reuters’ report on April 24, U.S. prosecutors recommended that Changpeng Zhao, the founder of Binance, be sentenced to 36 months in prison after admitting guilt for breaking money laundering laws.

Based on the seriousness of Zhao’s deliberate breaking of American laws and the resulting repercussions, a prison term longer than the standard 30 months is recommended by the prosecution.

In November 2023, Zhao admitted to breaking money laundering rules in the United States and resigned as CEO of Binance. According to Reuters, the maximum prison term for Zhao, who had waived his right to appeal a sentence up to 18 months long, was set by federal guidelines. Currently, he is out on a $175-million bond and remains free in the U.S.

Following CZ’s confession of breaking U.S. money laundering regulations, him and his company Binance reached a settlement of $4.3 billion in penalties with the American government to conclude the criminal investigation. Consequently, Binance was granted permission to continue its business under the condition of adhering to U.S. laws.

This is a developing story, and further information will be added as it becomes available.

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2024-04-24 09:38