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The U.S. has recommended that Changpeng Zhao, the former CEO of Binance, serve a 36-month prison sentence and pay a $50 million fine.
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Department of Justice; on April 30, he is expected to be sentenced. Prosecutors are advocating for a more severe punishment for Zhao, who acknowledged breaking anti-money laundering regulations in November. They point to Zhao's inability to put in place a strong AML programme at Binance.
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Allegedly, the exchange's actions encouraged unlawful activity, such as hiding the source of funds and disobeying US sanctions. Binance consented to a $4.3 billion settlement in February. Even though Zhao resigned as CEO, he still holds the majority of the company's shares and is still involved in the cryptocurrency space; most recently, he started a kids' educational programme.
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