{"id":289181,"date":"2024-04-25T04:22:51","date_gmt":"2024-04-24T22:52:51","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=289181"},"modified":"2024-04-25T04:22:51","modified_gmt":"2024-04-24T22:52:51","slug":"u-s-prosecutors-seek-three-year-sentence-for-cz-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/u-s-prosecutors-seek-three-year-sentence-for-cz-crypto-news\/","title":{"rendered":"U.S. Prosecutors Seek Three-Year Sentence For CZ\u00a0 – Crypto News"},"content":{"rendered":"

Department of Justice demands extended sentence for Binance’s former CEO, Changpeng Zhao.<\/p>\n

\n

Former Binance\u00a0CEO,\u00a0Changpeng Zhao (CZ),\u00a0is facing a potential three-year prison sentence should the U.S. Department of Justice (DOJ).<\/p>\n

The recommendation followed\u00a0Zhao’s pleading<\/a>\u00a0guilty in November to a litany of charges\u00a0including\u00a0violating anti-money laundering laws and enabling transactions between U.S. individuals and persons in sanctioned jurisdictions.<\/p>\n

On April 23, prosecutors\u00a0filed<\/a>\u00a0a sentencing memo recommending that Zhao pay a $50 million fine and serve three years in prison\u00a0as a result of\u00a0his November plea.<\/p>\n

“A\u00a0custodial sentence of 36 months \u2014 twice the high end of the Guidelines range \u2014 would reflect the seriousness of the offense, promote respect for law, afford adequate deterrence, and be sufficient but not greater than necessary to achieve the goals of sentencing,”\u00a0prosecutors said.<\/p>\n

“The sentence\u00a0in\u00a0this\u00a0case\u00a0will not just send a message to Zhao but also to the world,”\u00a0the filing added.<\/p>\n

Zhao\u2019s\u00a0official sentencing will take place on April 30 after being postponed from February. Since his first U.S. court appearance in November, Zhao has been unable to return to Dubai \u2014 where his family resides.<\/p>\n

Case background<\/h2>\n

Zhao, who initially was asked to serve a maximum of 18 months as per his plea agreement, now confronts a\u00a0tougher\u00a0stance from the prosecutors. The DOJ argued that the far-reaching consequences of\u00a0Zhao’s\u00a0actions justify a longer sentence.<\/p>\n

The department pointed to\u00a0Binance’s\u00a0shortcomings in anti-money laundering (AML) controls, which reportedly allowed illegal funds from ransomware and darknet markets to pass through the exchange.<\/p>\n

“The scope and ramifications of\u00a0Zhao’s\u00a0misconduct were massive,”\u00a0the DOJ stated, advocating for a stricter punishment.<\/p>\n

In November, Binance also entered a guilty plea alongside Zhao. The platform\u00a0accepted\u00a0<\/a>a fine of $4.3 billion and committed to oversight from a court-appointed monitor, who has yet to be named.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Department of Justice demands extended sentence for Binance’s former CEO, Changpeng Zhao. Former Binance\u00a0CEO,\u00a0Changpeng Zhao (CZ),\u00a0is facing a potential three-year prison sentence should the U.S. Department of Justice (DOJ). The recommendation followed\u00a0Zhao’s pleading\u00a0guilty in November to a litany of charges\u00a0including\u00a0violating anti-money laundering laws and enabling transactions between U.S. individuals and persons in sanctioned jurisdictions. On […]<\/p>\n","protected":false},"author":2,"featured_media":289182,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[274,273,272,244,266,271,268,270,269,267],"class_list":["post-289181","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-de-fi","tag-crypto-finance","tag-decentralized-finance","tag-liquidity","tag-metamask","tag-pancake","tag-slippage","tag-sushiswap","tag-tronlink","tag-trust-wallet","tag-uniswap"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/289181","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=289181"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/289181\/revisions"}],"predecessor-version":[{"id":289183,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/289181\/revisions\/289183"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/289182"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=289181"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=289181"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=289181"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}