Brief Overview:
•Binance co-founder and former CEO Changpeng Zhao could face up to three years in prison.
•The relevant departments recommended that Zhao Changpeng’s sentencing date be set as April 30, and proposed a fine of US$50 million.
• Zhao’s actions were characterized as a threat to the serious financial system.
Changpeng Zhao (CZ), the founder and former CEO of Binance, the world’s largest cryptocurrency exchange, could face a three-year prison sentence.
The development comes after Zhao Changpeng pleaded guilty to charges of assisting the company in violating anti-money laundering laws and sanctions.
Binance co-founder Zhao Changpeng's trial to take place on April 30
According to Reuters, federal prosecutors have proposed a 36-month prison sentence for Zhao Changpeng, a suggestion intended to highlight the severity of his violation of the Bank Secrecy Act. In addition, in a sentencing memorandum filed on Tuesday, prosecutors also recommended a fine of up to $50 million for Zhao Changpeng.
Prosecutors in the case cited the broad impact Zhao's actions had on the integrity of the financial system and called for a harsher sentence, which they intended to punish Zhao and deter future similar behavior in the industry.
Prosecutors in the case pointed to the broad impact that Zhao’s actions had on the integrity of the financial system and called for a harsher sentence. They intended that by punishing Zhao, they would deter others in the industry from engaging in similar misconduct in the future.
U.S. prosecutors said: "Given the severity of Zhao Changpeng's willful violations of U.S. law and the consequences thereof, we believe that a sentence in excess of the standard recommendation of 36 months in prison is appropriate."
The position represents a significant shift from an earlier plea deal, which recommended a maximum sentence of 18 months.
The legal process involving Zhao has already experienced delays. His sentencing has been postponed until April 30. Since his initial court appearance in Seattle last year, Zhao has been unable to return to his home in Dubai, where he lives with his family.
The legal proceedings involving Changpeng Zhao have been delayed, with a ruling postponed until April 30. Since his initial court appearance in Seattle last year, Zhao has been unable to return to Dubai, where he lives with his family.
Binance, meanwhile, has pleaded guilty to the charges, agreed to pay a fine of up to $4.3 billion, and will report to a court-appointed monitor, who has yet to be formally appointed.#赵长鹏 #制裁指控