BREAKING: #Binance Founder Changpeng Zhao Sentenced To 4 Months In Prison [DETAILS]—Binance founder and former CEO Changpeng Zhao was sentenced to four months in prison Tuesday after he pleaded guilty last year to violating federal money laundering laws along with his company which also pleaded guilty to sanctions violations.
Seattle-based U.S. District Judge Richard Jones handed down Tuesday’s sentence, which was far below the three-year sentence prosecutors were seeking, according to multiple reports.
In his plea deal, Zhao agreed to step down as Binance’s CEO and pay a $50 million fine for failing to maintain an effective anti-money laundering program, as well as sanctions violations linked to users in Iran, Cuba, Syria, and Russian-occupied areas of Ukraine.
In a court filing earlier this month, Justice Department lawyers recommended a three-year prison sentence for Zhao, arguing this would hold him “accountable for his intentional criminal conduct” and “not just send a message to Zhao but also…the world.”
Federal guidelines recommend a 12 to 18-month sentence for such offenses, but the prosecutors argued this would not “adequately reflect the seriousness of Zhao’s offense…or offer adequate specific or general deterrence.”
Zhao’s lawyers have requested five months’ probation, noting that the crypto billionaire had accepted responsibility for the money laundering violations and has already been away from his family for more than five months after being ordered to remain in the U.S.
Filings made by Zhao’s lawyers include letters from his family, investors, UAE royals, and former U.S. ambassador to China Max Baucus, among others, mentioning his charity work and painting him as a family man.
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CREDIT: FORBES.COM
