ChainCatcher news, according to Reuters, Zhao Changpeng, the former CEO of the crypto exchange Binance, may face several years in prison when he is sentenced after pleading guilty on Tuesday for violating US money laundering laws. US prosecutors have informed Seattle District Judge Richard Jones that they hope Zhao Changpeng's sentence is twice the maximum sentence of 18 months recommended under federal guidelines. Prosecutors said that imposing a severe sentence on the man who was once considered the most influential person in the cryptocurrency industry will send a message that "the right choice every time is to obey the law."
The hearing began at 9 a.m. PDT on Tuesday (0:00 a.m. Beijing time on May 1). Robert Fisher, a partner at Nixon Peabody in Boston and a former federal prosecutor, said he was surprised that prosecutors were asking for a heavy sentence after Zhao Changpeng pleaded guilty, but suggested they might be trying to set an example because of Zhao's high profile. "It's unusual to ask for a sentence that exceeds the sentencing guidelines, and they hope it will serve as a deterrent," he said. Zhao's lawyers asked for a suspended sentence, citing Zhao's "unflinching" acceptance of responsibility and having paid a $50 million criminal fine. They also said Zhao Changpeng had never committed a crime before and that no defendant in similar cases had been imprisoned.