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Binance Founder CZ Garners Family Support Amid Prison Term Woes – Crypto News

Published

2 years ago

April 25, 2024

Dripp

Binance Founder CZ (Changpeng Zhao) has garnered support from his family members amid the upcoming prison sentence. According to Wu Blockchain, several significant family members of CZ, including his wife, two children enrolled in US institutions, and his sister, a former managing director at Morgan Stanley, were made public for the first time among the 161 letters of support for him.

Binance Founder CZ to Likely Get 36 Months Prison

As reported earlier, Binance founder CZ is currently in great trouble. Allegedly, while operating on U.S. soil, Binance provided aid to recognized terrorist organizations, such as Hamas, al Qaeda, and the Islamic State of Iraq and Syria, or ISIS, as well as unlicensed and illegal money transmission. This has caused a stir in the cryptocurrency world as people speculate about why US authorities chose to sentence Binance founder CZ to 36 months in prison.

As previously stated, new international publications highlight the U.S. prosecutors’ fervent desire to pursue a 36-year prison sentence for Zhao. Zhao is under increased scrutiny because of the response he is receiving from the worldwide crypto community, and there are expectations that CZ will be sentenced to prison on April 30.

The founder of Binance is currently free on a $175 million bail bond. However, in a subsequent hearing, U.S. prosecutors contended that “a sentence of 36 months is warranted given the magnitude of Zhao’s willful violation of U.S. law and its consequences.”

John Reed Stays in Favor of Binance Founder CZ Prison Term

The DOJ’s lawsuit with the U.S. Federal Court in Seattle to seek a 36-month prison sentence for Binance founder CZ on claims of breaching the anti-money laundering laws (AML) on U.S. grounds was highlighted by former SEC official John Reed Stark. The SEC veteran called attention to Zhao’s upcoming April 30 sentencing, noting that Reed will be tougher on CZ’s involvement in Binance’s facilitation of criminal activity.

Serious questions about Binance’s operational integrity were raised by this purported contempt for legal obligations and noncompliance with US financial regulations. “The seriousness of Zhao’s offenses should be reflected in his sentence, the SEC veteran said. He continued “Financial institutions are the first line of defense for the U.S. financial system.