Rule

April

On April 30, the sentencing of <a href="https://www.binance.com/en" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">Binance</a> founder Changpeng “CZ” Zhao looms as U.S. authorities gear up. Prosecutors, urging a jail term, advocate for a 36-month sentence following Zhao’s admission of guilt in violating anti-money laundering laws, as detailed in a court filing on April 23.
“In light of Zhao’s intentional breach of U.S. law and its repercussions, a 36-month sentence surpassing standard guidelines is justified,” stated prosecutors in the submission to the U.S. district court for the Western District of Washington.
They emphasized that this, combined with a $50 million fine, strikes a balance aligned with sentencing objectives under 18 U.S.C. § 3553(a).
Zhao confessed to breaching U.S. money laundering regulations and relinquished his CEO role at Binance in November 2023. Additionally, he incurred a direct $50 million penalty, alongside broader fines imposed on Binance.
Federal guidelines cap Zhao’s potential prison term at 18 months, a limitation he agreed not to contest. He has remained free on a $175 million bond.
READ MORE: <a href="https://www.cryptointelligence.co.uk/blockchain-association-and-texas-crypto-group-sue-sec-over-dealer-rule-changes-claiming-overreach/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Blockchain Association and Texas Crypto Group Sue SEC Over Dealer Rule Changes, Claiming Overreach</a>
Acknowledging his transgressions, Zhao, along with Binance, consented to a $4.3 billion settlement with the U.S. government to conclude the legal proceedings. This agreement allowed Binance to sustain its operations under U.S. regulatory compliance.
Despite stepping away from Binance, Zhao maintains involvement in the cryptocurrency sector. In March, he unveiled Giggle Academy, an educational initiative focused on crypto and blockchain, emphasizing its exclusion of new tokens.
Geared towards toddlers aged two to three, the project aims to foster early engagement with these technologies.
Recently, Zhao unveiled Giggle Academy’s logo, embodying youth, positivity, and growth while paying homage to Binance’s legacy.
“We wanted the Giggle Academy logo to exude youthfulness, fun, positive vibes, and evolution. It’s also a nod to our roots at Binance,” he expressed on April 24.
To submit a <a href="https://www.cryptointelligence.co.uk/category/press-releases/" data-wpel-link="internal" rel="noopener noreferrer nofollow">crypto press release (PR)</a>, send an email to <a href="mailto:sales@cryptointelligence.co.uk" rel="noopener noreferrer nofollow">sales@cryptointelligence.co.uk</a>.

Binance Founder CZ Faces 36-Month Jail Term as U.S. Prosecutors Urge Sentencing

Crypto Intelligence

Other articles published on Apr 26, 2024

Uniswap’s Remarkable Growth Surge on the Arbitrum Network

ARK Dumps ProShares Bitcoin ETF Shares in Massive Sell-Off

Pantera Capital to Rise $1B for Crypto Fund V by April 2025

Stripe U-Turns On Crypto Payments With USDC Integration, Six Years After Dropping Bitcoin

Investors Are Not Happy with Intel’s Weak Forecast for the Second Quarter, Despite Expectations o...

Verasity and Creo Engine Join Forces to Introduce Video Functionality to Creo Play

Join our free newsletter for daily crypto updates!