DOJ Proposes 3-Year Prison Term for Binance Founder: Details from Sentencing Memo Unveiled
In a significant legal development, the U.S. Department of Justice (DOJ) has recommended a 36-month prison sentence and a $50 million fine for Changpeng Zhao, the founder of cryptocurrency exchange Binance. This recommendation comes after Binance pleaded guilty to violations of U.S. money laundering laws and agreed to a $4.3 billion settlement. Zhao, who also admitted guilt in relation to these charges, had previously resigned as CEO of Binance.
Prosecutors assert that Zhao played a crucial role in Binance’s operations which systematically breached U.S. anti-money laundering regulations and facilitated transactions under U.S. sanctions. Despite these serious allegations, Zhao’s defense argues for probation, emphasizing his lack of direct knowledge of the illegal transactions and his significant compliance efforts post-indictment.
The DOJ contends that a strict sentence would serve as a stern warning to both Zhao and potential offenders worldwide, stressing the importance of adhering to U.S. laws especially in the financial and cryptocurrency sectors. The final decision awaits a judicial ruling scheduled for the end of April 2024.
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