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CHANGPENG ZHAO OF BINANCE, NAME "CZ", WILL BE SENTENCED TODAY
Binance founder and former CEO Changpeng “CZ” Zhao is scheduled to be sentenced in federal court in Seattle today, April 30, 2024. The sentencing comes after he and his company pleaded guilty last year to violating laws and federal anti-money laundering sanctions. money. Justice Department lawyers recommended that Zhao be sentenced to three years in prison, arguing that it would hold him accountable “for intentional criminal conduct” and “send a message not just to Zhao, but…to the entire world.”
His name is Changpeng Zhao and he was once the head of Binance. Many in the crypto community know him as CZ. For many, CZ is a hero, a legend and a mentor. Today will be a turning point for cryptocurrency in terms of digital asset regulation. Furthermore, today, April 30, 2024, will be a life lesson in what the SEC, CFTC, FBI, IRS and DOJ will do to those involved in decentralized finance.
CZ discovers his destiny today
Cech, 47, resigned as CEO of Binance in November 2023 after admitting violations of US anti-money laundering laws. Last month, Sam Bankman-Fried, known as SBF, the crypto tycoon whose FTX exchange collapsed in 2022, was sentenced to 25 years in prison for his involvement in fraudulent activities and involvement in money laundering activities.
As part of the plea agreement, Zhao agreed to resign as CEO of Binance and pay a large fine of US$ 50 million. This is due to the company's failure to maintain a robust anti-money laundering program, as well as sanctions violations against users in Iran, Cuba, Syria and Russian-occupied territories in Ukraine.
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