Binance Founder Changpeng Zhao Should Spend 3 Years in Prison, DOJ Says
Summary
Changpeng "CZ" Zhao, the founder and former CEO of Binance, faces a three-year prison sentence and a $50 million fine for violating federal sanctions and money laundering laws, according to the U.S. Department of Justice (DOJ). Zhao pleaded guilty to violating the Bank Secrecy Act in November. The DOJ argued that Zhao's misconduct was extensive and the sentence should serve as a deterrent to others. The $50 million fine was agreed upon by both the prosecution and Zhao's defense team. Zhao's sentencing, originally scheduled for late February, has been postponed to April 30. Binance, the world's largest crypto exchange, also pleaded guilty to charges and agreed to a large fine and court-appointed monitoring.
