According to a filing made on Tuesday, U.S. prosecutors are asking for Changpeng Zhao, the founder and former CEO of Binance, to be sentenced to 36 months in prison.
U.S. prosecutors are pushing for a 36-month prison term for Changpeng Zhao, the founder and former CEO of Binance. Zhao previously pleaded guilty in the U.S. to charges related to anti-money laundering and sanctions violations back in November.
U.S. Prosecutors Seek 36-Month Prison Term for Binance Founder
In a recent filing, the Department of Justice (DOJ) has recommended a 36-month prison sentence for Changpeng Zhao, the founder and former CEO of Binance. The DOJ contends that Zhao’s deliberate violation of U.S. laws was not accidental but a strategic decision to bolster his company’s growth and personal gains.
Responding to the DOJ’s recommendation, Zhao’s defense team filed their own sentencing memo, urging the court to consider probation instead. They highlighted Zhao’s payment of significant fines and his cooperation with authorities, arguing that these factors warrant leniency from the court.
Changpeng Zhao’s Legal Saga Continues: Sentencing Looms
In November, Changpeng Zhao, the founder and former CEO of Binance, admitted to breaking U.S. laws on money laundering and sanctions. To settle the case, Zhao agreed to pay a huge $50 million fine and stepped down as CEO. Binance, the company he led, also agreed to a massive $4.3 billion settlement.
Even though Zhao reached a deal, his legal issues are ongoing. He’s due for sentencing on April 30 and is currently out on bail after posting a $175 million bond. But he’s not allowed to travel to Dubai, as requested.
After Zhao’s exit, Binance named Richard Teng as its new CEO. Teng took over to guide the exchange through the aftermath of Zhao’s legal problems and keep it strong in the cryptocurrency world.
Now, Zhao’s defense team has filed a document asking for leniency in sentencing. They point out Zhao’s cooperation with authorities, the large fines he’s paid, and other reasons they believe should lead to a lighter punishment.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
Join Cryptos Headlines Community
Follow Cryptos Headlines on Google News
