U.S. authorities want Changpeng Zhao, Binance‘s founder, to serve a 36-month prison term due to the significant impact of his deliberate lawbreaking against U.S. regulations.
Changpeng Zhao, the founder and ex-CEO of Binance, could serve a three-year prison term after admitting to money laundering law infringements, according to U.S. prosecutors’ latest court submission. This sentence length is considered sufficient to discourage Zhao and others from disregarding U.S. laws in pursuit of profits.
“Zhao intentionally engaged in severe acts to rapidly expand Binance into the leading cryptocurrency exchange and later preserve its top position. These actions merit significant jail time as a consequence.”
U.S. prosecutors
Prosecutors believe that Zhao deliberately worked to rapidly grow Binance and keep it as the top cryptocurrency exchange. However, according to US officials, Binance’s previous leader neglected to establish and upkeep a proper know-your-customer (KYC) system. This lack of action hindered transaction monitoring, enabling suspicious and criminal users to conduct transactions through Binance unchecked.
Previously, in November 2023, Zhao admitted guilt to accusations of Bank Secrecy Act breaches. At present, he’s out on a $175 million bond in the US, but his sentencing remains scheduled for Apr. 30. A US judge refused Zhao’s petition to visit Dubai, considering his substantial wealth as a major risk for escape.
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2024-04-24 10:47