Nikhilesh De is CoinDesk's managing editor for global policy and regulation. He owns marginal amounts of bitcoin and ether.
SEATTLE — Binance founder and former CEO Changpeng"CZ" Zhao will learn how much time, if any, he'll spend in prison Tuesday.
The former crypto executive pleaded guilty to one count of violating the Bank Secrecy Act last November, a charge which might normally carry up to 10 years in prison. Because of his guilty plea and his cooperation, the sentencing guidelines calculation for his sentence would actually fall to about 18 months. A presentence report filed by the court's Probation Office recommended he spend just five months.
Both the U.S. Department of Justice and his defense team have advanced vastly differing recommendations: The DOJ asked a federal judge to sentence ZhaoWhy the DOJ May Have Recommended a Three-Year Sentence for CZreported Monday that he might have some $43 billion in assets to his name. Should he get sentenced to more than 18 months in prison, Zhao can appeal that penalty.
Binance, the world's largest crypto exchange, agreed to pay a $4.3 billion fine the same day Zhao pleaded guilty to his charge. The agreement also saw him step down from the exchange he'd founded in 2017.in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence.
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