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 penalty for his money laundering violations. Despite pleading guilty and stepping down as CEO, Zhao remains active in the crypto industry, recently announcing a new educational project for children under 3 called Giggle Academy.

The Department of Justice has requested the lengthy prison term for Zhao, citing the magnitude of his violations and the need for a significant punishment to deter others from similar actions. However, industry experts believe that the judge may opt for a less severe sentence, such as house arrest and travel restrictions, similar to the case of Arthur Hayes of BitMEX.

In a court filing, Zhao admitted to the company’s approach of “Better to ask for forgiveness than permission” regarding U.S. regulations. Despite his legal troubles, Zhao continues to engage in the crypto space, launching Giggle Academy with a focus on educating young children about crypto and blockchain.

As Zhao awaits his fate on April 30, the crypto community is watching closely to see how the case unfolds and what impact it may have on the industry as a whole. Stay tuned for updates on this developing story.