The US Department of Justice requested the imprisonment of Changpeng Zhao CZ, the former CEO For the Binance cryptocurrency platformfor three years for money laundering while awaiting sentencing on April 30.
And according to For a note Sentencing filed Tuesday, Justice Department lawyers recommend the court impose "a sentence higher than the stated guidelines of 36 months in prison." Citing CZ Chow's "willful violation of US law."
Justice Department lawyers say the former Binance CEO gambled “so he wouldn’t get caught.” If this happens, the consequences will not be as serious as proportionate to the crime.”
They also highlighted Binance's wild strategy of not complying with US anti-money laundering requirements. This made CZ Zhao “one of the richest people in the world and a popular figure in the cryptocurrency industry.”
This proposal carries a 36-month sentence, exceeding federal sentencing guidelines. Which would have sent the former CEO of Binance to 18 months in prison.
The Justice Department also justified its recommendation for a harsher sentence than expected by saying that CZ Chow's conviction would "send not only a message to himself, but also to the world." To deter those who attempt to violate the laws of the United States.
Under the leadership of CZ Zhao, Binance has become the world's largest cryptocurrency exchange by volume.
In November 2023, CZ Zhao resigned as CEO of Binance. After Approval U.S. money laundering violations and sanctions under an agreement with the Department of Justice.
Under the terms of the settlement, Binance was ordered to pay $4.3 billion in penalties and leave the United States entirely. CZ Zhao was also fined approximately $50 million and banned from engaging in any activity with Binance for at least three years. That's what the plea agreement says.
Before the verdict was handed down at the end of this month, it had been determined Release the deposit The interim president of the Binance platform paid $175 million. Judge Richard Jones also imposed travel restrictions on the former Binance CEO. That prevents him from leaving the United States after prosecutors deemed him a flight risk.
It is worth noting that the exchange still faces a lawsuit filed by the United States Securities and Exchange Commission (SEC) in December.
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