US seeks 3 years prison for Binance founder Zhao

U.S. prosecutors want Changpeng Zhao, the founder and former chief executive of Binance, the world's largest cryptocurrency exchange, to serve three years in prison after he pleaded guilty to violating laws against money laundering.

Prosecutors made the request in a Tuesday night filing in Seattle federal court.

They said sentencing Zhao to twice the maximum 18 months recommended under federal guidelines would reflect the magnitude of his willful violations, and send a message that "the right choice, every time, is to comply with the law."

Lawyers for Zhao requested probation. U.S. District Judge Richard Jones is expected to sentence Zhao on April 30.

Once the most powerful figure in the crypto industry, Zhao, 47, stepped down as Binance's chief last November, when he and the exchange admitted to evading anti-money laundering requirements under the Bank Secrecy Act.

Binance agreed to a $4.32 billion criminal penalty.

Prosecutors said Binance, employing a "Wild West" model that welcomed criminals, did not report more than 100,000 suspicious transactions with designated terrorist groups including Hamas, al Qaeda and the Islamc Stte of Iraq and Syria, or ISIS.

They also said Zhao's platform also supported the sale of child sexual abuse materials and was a recipient of a large portion of ransomware proceeds.

"He made a business decision that violating U.S. law was the best way to attract users, build his company, and line his pockets," prosecutors said.

In seeking leniency, Zhao's lawyers cited the first-time offender's "unflinching" acceptance of responsibility, his $50 million criminal fine, and that no defendant in a remotely similar case has been imprisoned

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