U.S. Prosecutors Seek 36-Month Prison Sentence for Binance Founder CZ Zhao
The founder and former CEO of cryptocurrency exchange Binance, Changpeng “CZ” Zhao, is facing a potential 36-month prison sentence as U.S. prosecutors push for a harsh punishment for his willful violation of U.S. law. Despite pleading guilty to criminal charges and stepping down as CEO, Zhao has remained active in the crypto industry, recently announcing a new educational project called Giggle Academy.
In a sentencing memo filed by prosecutors, they argued that Zhao’s violation of U.S. law warranted a sentence above the federal guidelines of 18 months. They emphasized the need for a significant punishment to deter others from following in Zhao’s footsteps and breaking the law for financial gain.
However, some industry experts doubt that Zhao will actually serve the full 36-month sentence, citing the lack of evidence that he was aware of the criminal activities that occurred under his watch. Terrence Yang, managing director at Swan Bitcoin, expressed skepticism about the likelihood of Zhao receiving such a lengthy prison term.
Despite the legal troubles looming over him, Zhao remains optimistic and has continued to be active in the crypto space. His new project, Giggle Academy, aims to educate young children about crypto and blockchain, while also paying homage to Binance’s legacy.
As the crypto community awaits Zhao’s fate on April 30, the outcome of his case will not only impact him but also send a message to the world about the consequences of violating U.S. law in the pursuit of wealth and success.
