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Prosecutors Recommend Three-Year Sentence for Binance Founder
Prosecutors in the United States have strongly recommended a three-year prison sentence for Changpeng Zhao, the founder and former chief executive of Binance, according to a recent filing.
The Department of Justice asserts that Zhao’s illicit activities were deliberate and intentional. His actions were carried out with full knowledge and awareness of the consequences, with a clear intention to attract more users, even if it meant violating the law. His primary focus was on advancing his business and generating income.
Department of Justice’s Stance
The Department of Justice has proposed a three-month jail term for Zhao for his unlawful actions as per the US recommendation.
In response, Zhao’s defense attorneys filed an official memorandum arguing for probation, stating that it would be a more appropriate sentencing option for him.
Zhao’s legal team highlighted that he has already paid substantial fines and made the company admit guilt before federal authorities. The court is expected to address civil charges brought against Binance by three different parties, a matter that is deemed to require significant attention.
Legal Developments and Settlements
In November 2023, Zhao pleaded guilty to charges related to money laundering and sanctions violations, agreeing to pay a $50 million fine and stepping down as CEO of Binance. Binance itself reached a record-breaking final settlement of $4.3 billion.
Zhao’s sentencing is scheduled for April 30th, with him currently out on bail secured by a $175 million bond. However, a planned trip to Dubai was canceled by the judge.
New CEO Appointed
Following Zhao’s resignation as chief executive, Binance has appointed Richard Teng to assume the role of CEO.
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