As the United States authorities prepare to sentence Binance founder Changpeng “CZ” Zhao on April 30, prosecutors have requested imprisonment for the former CEO.
According to a court filing on April 23, U.S. prosecutors are urging that Binance founder Zhao serve 36 months in prison after pleading guilty to violating laws against money laundering.
In the filing submitted to the U.S. district court for the Western District of Washington, prosecutors emphasized the gravity of Zhao’s deliberate violation of U.S. law and its consequences, justifying the proposed 36-month sentence.
In addition to the prison term, prosecutors highlighted the agreed $50 million fine as an appropriate measure to address the offenses committed by Zhao.
Zhao previously pleaded guilty to money laundering violations in the U.S. and stepped down from the CEO position at Binance in November 2023. He also faced a $50 million fine and has been free on a $175 million bond in the U.S.
Following his admission of guilt, Zhao and Binance agreed to pay the U.S. government $4.3 billion in fines to resolve the criminal case. Binance was permitted to continue its operations under U.S. laws.
Despite resigning from Binance, CZ remains active in the cryptocurrency industry. In March, he announced the launch of Giggle Academy, an educational project focused on crypto and blockchain, aimed at young children.
On April 24, Zhao revealed the logo of Giggle Academy, emphasizing its association with youth, positivity, and growth, while also acknowledging the connection to the ‘Binance heritage’.
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