United States justice requests three years in prison for former CEO of Binance

Changpeng Zhao, former CEO of the Binance Exchange, could face 36 months in prison, according to the request of the United States Department of Justice

The United States Department of Justice has requested this Tuesday three years in prison for the former CEO of the crypto platform Binance, Changpeng Zhao, while his lawyers have asked for conditional release.

Zhao pleaded guilty in 2023 to the charge of money laundering in the US. His sentencing hearing is scheduled for April 30. However, information about the possible sentence of three years in prison has been leaked to the media.

Late Tuesday night the Justice Department sent a sentencing memorandum, “arguing that Zhao, better known by his nickname CZ, should receive a sentence of 36 months in prison for his role in allowing the cryptocurrency exchange to violate federal sanctions and money laundering laws.”

This violation was not an accident, according to justice, since Zhao decided to take this route to attract users and obtain large profits.

By pleading guilty in November of last year, the cryptocurrency expert agreed with the Prosecutor’s Office to resign from his position on the platform “and consented to a personal fine of $50 million.”

The sentence will be issued on April 30. Zhao must remain in the United States, and his request to return to Dubai, where he resides with his family, was denied.


Source: diariobitcoin

(Reference image source: Unsplash+, in collaboration with Yunus Tuğ)

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