Changpeng Zhao, the founder of Binance, the world's largest cryptocurrency exchange, faces sentencing Tuesday in a Seattle courtroom, where U.S. prosecutors are…
He pleaded guilty and stepped down as Binance CEO in November as the company agreed to pay $4.3 billion to settle related allegations., faces sentencing Tuesday in a Seattle courtroom, where U.S. prosecutors are asking a judge to give him a three-year prison term for allowing rampant money laundering on the platform.
Zhao's attorneys, insist he should receive no prison term at all, citing his willingness to come from the United Arab Emirates, where he and his family live, to the U.S. to plead guilty, despite the UAE's lack of an extradition treaty with the U.S. No one has ever been sentenced to prison time for similar violations of the Bank Secrecy Act, they said.
But prosecutors say no one has ever violated the Bank Secrecy Act to the extent Zhao did. The three-year prison term they're seeking is twice the guideline range for the crime. Binance allowed more than 1.5 million virtual currency trades — totaling nearly $900 million — that violated U.S. sanctions, including ones involving Hamas’ al-Qassam Brigades, al-Qaeda and Iran.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Binance founder Changpeng Zhao faces sentencing; US seeks 3-year term for allowing money launderingChangpeng Zhao, the founder of Binance, the world’s largest cryptocurrency exchange, faces sentencing in a Seattle courtroom. U.S. prosecutors are asking a judge on Tuesday to give him a three-year prison term for allowing rampant money laundering on the platform.
Read more »
DOJ requests 36 months for Binance founder Changpeng ZhaoCZ is the biggest fish in the crypto, until recently running the largest and most far-reaching venue for trading.
Read more »
Former Binance CEO Changpeng Zhao apologizes ahead of sentencing amid 161 letters of supportSome 161 letters of support from family, friends and crypto industry professionals were also filed on behalf of Zhao.
Read more »
Binance Founder Changpeng Zhao Apologizes Ahead of Sentencing, 161 Others Send Letters of SupportAmitoj Singh is a CoinDesk reporter.
Read more »
U.S. prosecutors seek 36-month sentence for ex-Binance CEO Changpeng ZhaoU.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.
Read more »
U.S. prosecutors seek 36-month sentence for ex-Binance CEO Changpeng ZhaoU.S. prosecutors on Tuesday recommended an above-guidance, 36-month sentence for former Binance CEO Changpeng Zhao.
Read more »