The Binance found could spend years behind bars
Last week, the US Department of Justice requested 36 months behind bars for the former Binance boss.
In its sentencing memo, the DOJ stressed that"breaking U.S. law was critical to the company’s success and profitability." The prosecutors state that his violation of the law was"no accident or oversight." "Zhao bet that he would not get caught, and that if he did, the consequences would not be as serious as the crime. But Zhao was caught, and now the Court will decide what price Zhao should pay for his crimes," the memo said. It is worth noting that the controversial entrepreneur pleaded guilty to multiple criminal charges last year while also stepping down from his role as the CEO of the Binance exchange. Binance also had to fork out a massive $4 billion fine.
Polymarket users see a 40% chance of CZ spending less than six months behind bars. Only 3% of users believe that he could be jailed for 36 months or more. In March, former FTX CEO and CZ nemesis Sam Bankman-Fried was sentenced to as many as 25 years behind bars after being found guilty of multiple counts of fraud. Alex Dovbnya is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets.
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