Prosecutors in the US are contemplating 3 years imprisonment for Zhao

Prosecutors in the US strongly feel that the founder and ex-chief executive of Binance, Changpeng Zhao, deserves a three-year sentencing, as per a recent filing.

In the opinion of the Department of Justice, Zhao’s illegal activities were intentional and deliberate. It was an act carried out wilfully, with complete knowledge and awareness of the consequences. He chose to rope in added users, even if it meant breaking the law. The advancement of his business and income generation were all he remained focused on. 

The Department of Justice stated that the US suggested that the court sentence Zhao to three months in jail for his unlawful activities. 

Retaliating to that, the defence lawyers Zhao filed their official memo, which stated that it should be a probationary period for him, which would be more than what he deserves. 

The defence lawyers of Zhao mentioned that Zhao has already made enormous amounts of payments with regard to fines levied. He ordered the company to accept its guilt in front of federal bodies. The court will find a solution to the civil charges filed by three separate parties. In their opinion, this was undoubtedly a matter that called for serious consideration. 

It was in November 2023 when Zhao accepted his guilt in court related to money laundering and sanctions breach. Then, he agreed to pay $50 million in terms of a fine and resigned from his chief executive position. Binance, on the other hand, dished an amount of $4.3 billion in the form of a final settlement, a record breaker of sorts. 

The sentencing of Zhao is slated for the 30th of April, while he is presently on bail. He received his bail via a $175 million bond amount. However, his trip to Dubai was canceled by the judge. 

Binance has roped in Richard Teng to fill the CEO chair.

David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.

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