The post DOJ Calls for 3-Year Prison Sentence for Binance Ex-Founder Changpeng Zhao appeared first on Coinpedia Fintech News
According to a Reuters report, the U.S. Department of Justice (DOJ) has recommended a three-year prison sentence for Changpeng “CZ” Zhao, the founder and former chief executive of Binance, for his involvement in allowing the cryptocurrency exchange to violate federal sanctions and money laundering laws. This recommendation follows Zhao’s guilty plea last year for violating the Bank Secrecy Act.
DOJ’s Stern Stance on CZ
In a sentencing memo filed by DOJ attorneys, they argued that Zhao should serve 36 months in prison and pay a $50 million fine. The memo emphasized that the severity of the sentence is crucial not only to hold Zhao accountable but also to send a clear message to others tempted to flout U.S. laws for financial gain. The DOJ stressed the need for significant consequences to deter individuals from building fortunes through illegal
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