Business

Changpeng ‘CZ’ Zhao Might Get 10 -16 Months Jail Time – Crypto News

Published

2 years ago

May 1, 2024

Dripp

The sentencing hearing of Binance co-founder and former CEO Changpeng ‘CZ’ Zhao is underway with reports suggesting a potentially lower jail term than the 36 months proposed by the United States Department of Justice (DOJ)

Changpeng ‘CZ’ Zhao May Get Lenient Sentence

According to the live account from the Court, Judge Richard Jones said he did not agree with the 3 years sentence proposition from the US DOJ. The presiding Judge over the case said he rather aligns with the 10 – 16 months sentencing recommended by the Probation Office.

Changpeng ‘CZ’ Zhao pleaded guilty to a one-count charge of violating the Bank Secrecy Act (BSA). The Binance Founder has gained support from the broader crypto community with family and friends sending him letters of support.

This hearing has a significant impact on the survival of major Binance entities like the France outpost where CZ holds 100% stake. The conviction status of CZ may strain the exchange’s bid for a European License under Markets in Crypto Asset (MiCA) rules by 2025.

Judge Jones is yet to hand down the final judgment. Please follow this breaking news for more updates.