Prosecutors Seek Three-Year Prison Sentence for Binance Founder Zhao

The co-founder of Binance, Changpeng Zhao, is facing a potential three-year prison sentence as prosecutors seek justice for his failure to implement effective anti-money laundering measures. The Department of Justice launched an investigation into Binance, resulting in a $4.3 billion settlement and Zhao’s resignation in November 2023.

Despite the settlement, prosecutors argue that Zhao knowingly violated U.S. law for the company’s growth and profits. They claim that Zhao’s actions were intentional and warrant a harsher punishment than the recommended 18-month sentence.

Zhao’s lawyers are pushing for leniency, highlighting his acceptance of guilt as a first-time offender and the hefty fine he has already paid. Zhao is currently out on bail and has agreed not to appeal any sentence within the Federal Sentencing Guidelines.

The sentencing hearing is set for April 30, 2024, before U.S. Judge Richard Jones. Stay tuned for updates on this high-profile case that has rocked the cryptocurrency world.