Binance founder and former CEO Changpeng Zhao is expected to be sentenced on April 30 after pleading guilty to money laundering in November 2023.
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As the United States authorities are preparing to give a sentence to Binance founder Changpeng “CZ” Zhao on April 30, prosecutors have reportedly determined the jail time for the former CEO.
Binance founder Changpeng Zhao should serve 36 months in prison after pleading guilty to violating laws against money laundering, U.S. prosecutors said, Reuters reported on April 24.
“Given the magnitude of Zhao’s willful violation of U.S. law and its consequences, an above-guidelines sentence of 36 months is warranted,” the prosecutors reportedly told the U.S. district court for the western district of Washington.
Zhao pleaded guilty to violating money laundering requirements in the U.S. and stepped down from CEO position at Binance in November 2023. According to Reuters, Federal sentencing guidelines set a maximum sentence of 18 months in prison for Zhao, who had agreed not to appeal against any stretch up to that length. He has been free in the U.S. on a $175-million bond.
After CZ admitted to violating U.S. laws on money laundering, he and his firm Binance agreed to pay $4.3 billion in fines to the U.S. government to end the criminal case. In return, Binance was allowed to keep operating while complying with U.S. laws.
This is a developing story, and further information will be added as it becomes available.