{"id":12864,"date":"2024-04-24T09:55:59","date_gmt":"2024-04-24T06:55:59","guid":{"rendered":"https:\/\/forklog.com\/en\/us-prosecutors-seek-36-month-sentence-for-binance-founder-changpeng-zhao\/"},"modified":"2024-04-24T09:55:59","modified_gmt":"2024-04-24T06:55:59","slug":"us-prosecutors-seek-36-month-sentence-for-binance-founder-changpeng-zhao","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/us-prosecutors-seek-36-month-sentence-for-binance-founder-changpeng-zhao\/","title":{"rendered":"US Prosecutors Seek 36-Month Sentence for Binance Founder Changpeng Zhao"},"content":{"rendered":"

Changpeng Zhao (CZ), the founder and former CEO of Binance, faces a 36-month prison sentence after pleading guilty to violating anti-money laundering laws. This is according to a motion filed by US prosecutors, reports Reuters<\/a>.<\/p>\n

\n

\u201cGiven the scale of the deliberate violation of US law and its consequences, a sentence exceeding the established term of 36 months is justified,\u201d<\/em> the document states.<\/p>\n<\/blockquote>\n

Federal guidelines for Zhao’s case stipulate a maximum sentence of 18 months in prison, the publication noted. Prosecutors had previously expressed their intention to seek a harsher sentence, with discussions of up to a 10-year term.<\/p>\n

In November 2023, CZ admitted to failing to maintain an effective anti-money laundering program at Binance while leading the company.<\/p>\n

As part of an agreement with the US Department of Justice, he agreed to pay a $50 million fine and step down as CEO. The settlement amount for the exchange was $4.3 billion.<\/p>\n

On April 30<\/a>, a court hearing will be held to determine the punishment for the former Binance CEO.<\/p>\n

Until sentencing, Zhao remains free, having posted a $175 million bail. Prosecutors have requested a travel ban for the former platform head, fearing he might flee. They cited his substantial assets outside the country and minimal ties to the United States as risks.<\/p>\n

CZ’s lawyers contested the travel ban, but the court sided with law enforcement. In December, the court denied the entrepreneur’s request<\/a> to return home to the UAE, despite a proposed $4.5 billion bail.<\/p>\n

In April, Forbes estimated the former Binance chief’s wealth at $33 billion, placing him 50th on the billionaire rankings. <\/p>\n

Richard Teng, the head of regional markets, succeeded Zhao as the CEO of the exchange.<\/p>\n

Earlier, Yi He, co-founder of the platform and head of the venture company Binance Labs, reported a \u201cpositive situation\u201d with CZ.<\/p>\n","protected":false},"excerpt":{"rendered":"

Changpeng Zhao (CZ), the founder and former CEO of Binance, faces a 36-month prison sentence after pleading guilty to violating anti-money laundering laws. This is according to a motion filed by US prosecutors, reports Reuters. \u201cGiven the scale of the deliberate violation of US law and its consequences, a sentence exceeding the established term of […]<\/p>\n","protected":false},"author":1,"featured_media":12863,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[935,1162],"class_list":["post-12864","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-changpeng-zhao","tag-court-cases"],"aioseo_notices":[],"amp_enabled":true,"views":"27","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/12864","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=12864"}],"version-history":[{"count":0,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/12864\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/12863"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=12864"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=12864"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=12864"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}