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Headline : DOJ seeks 3-year sentence—double federal guidelines—for Binance’s Changpeng Zhao

Read more from the original article on here at fortune.com.





Tags : #doj #seeks #3year #sentencedouble #federal #guidelinesfor #binances #changpeng #zhao


No. of Paragraph 11

As Changpeng “CZ” Zhao, the founder and former CEO of cryptocurrency exchange Binance, awaits his fate on April 30, U.S. prosecutors have requested he serve 36 months in prison, according to a Department of Justice sentencing memo filed Tuesday.

“Given the magnitude of Zhao’s willful violation of U.S. law and its consequences, an above-guideline sentence of 36 months is warranted,” prosecutors wrote to the U.S. district court for the Western District of Washington. Federal guidelines are a maximum prison term of 18 months for Zhao, who agreed not to appeal any sentence up to that length.

Zhao pleaded guilty to criminal charges in November, admitting to violating money laundering requirements in the U.S., and subsequently stepped down as CEO. He has been free on a $175 million bond. Zhao also agreed to pay a $50 million fine, alongside larger penalties to Binance of $4.3 billion, to end the criminal case. In exchange, Binance was permitted to continue operations in the U.S.

“The sentence in this case will not just send a message to Zhao but also to the world,” prosecutors wrote. “Zhao reaped vast rewards for his violation of U.S. law, and the price of that violation must be significant to effectively punish Zhao for his criminal acts and to deter others who are tempted to build fortunes and business empires by breaking U.S. law.”

Read more from the original article on here at fortune.com.


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