U.S. prosecutors on Tuesday recommended an above-guidance, 36-month sentence for former Binance CEO Changpeng Zhao.
Zhao should serve a higher sentence than suggested under advisory guidelines to "reflect the gravity of his crimes," prosecutors said.
Changpeng Zhao, founder and CEO of Binance, attends the Viva Technology conference dedicated to innovation and startups at Porte de Versailles exhibition center in Paris on June 16, 2022.U.S. prosecutors are seeking an above-guidance sentence of 36 months for the former CEO of cryptocurrency exchange Binance on charges of enabling money laundering, according to a sentencing memorandum out late Tuesday.
Zhao is accused of wilfully failing to implement an effective anti-money laundering program as required by the Bank Secrecy Act, and of effectively allowing Binance to process transactions involving proceeds of unlawful activity, including transactions between Americans and individuals in sanctions jurisdictions.The U.S., which separately accuses Binance and Zhao of violating the U.S. Bank Secrecy Act and sanctions on Iran, ordered Binance to pay $4.3 billion in fines and forfeiture.
Zhao was not immediately available for comment when contacted via social media platform X. Binance has yet to return a request for comment when contacted by CNBC.Prosecutors say that Zhao violated U.S. law on an "unprecedented scale," and that he had a "deliberate disregard" for Binance's legal responsibilities.
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