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US Department of Justice Binance founder Changpeng Zhao to go to prison for 3 years
Binance founder Changpeng Zhao is to go to prison for three years for his crimes. The defense, meanwhile, is requesting probation.
The defense argues in a recently filed letter that "no defendant in a similar case has ever been sentenced to prison." Instead, they are calling for a suspended sentence with house arrest in Abu Dhabi for Zhao.
Zhao pleaded guilty in November 2023 to failing to develop an effective anti-money laundering program at Binance. As part of this confession, he announced his resignation as CEO.
Richard Teng has replaced Zhao as CEO of the crypto exchange.
The case against Changpeng Zhao is also part of the deal. The maximum sentence is ten years in prison.
In December, Zhao wanted to travel to the UAE, at least temporarily. As security for his return, he offered to deposit his Binance capital. The judge in charge, Jones, rejected this request.
In February, the public prosecutor then demanded that the passports be withdrawn - because of the risk of flight. In addition to Canadian citizenship, Zhao also has citizenship of the United Arab Emirates.
Since the UAE has no extradition agreement with the USA, the government cannot guarantee his return, according to the public prosecutor.
Changpeng Zhao was originally supposed to be sentenced at the end of February. The sentence was postponed to April 30th.
It remains to be seen whether and how long the prison sentence will be. 🫡☠️
Whether this verdict against CZ will damage the BNB coin or even threaten price losses. We will certainly see that on April 30th. BNB coin is currently correcting normally. The next few days will be very exciting. Whether this verdict is fair or not is up to everyone to decide. 🤔
