As the cryptocurrency industry in the United States continues to struggle under the intensified legal and regulatory pressure that has seen several of its largest participants facing lawsuits, the US Department of Justice (DOJ) has asked for a three-year sentence for Changpeng Zhao (‘CZ’), the founder of Binance.
Specifically, CZ, who stepped down as the CEO of Binance, one of the largest crypto exchanges in the world, and pleaded guilty to breaking the US anti-money laundering laws in November last year as part of a $4.3 billion settlement, could spend 36 months in jail, according to a sentencing memo from April 24.
Indeed, US prosecutors suggested this sentence to the court for the western district of Washington despite the fact that the federal sentencing advisory guidelines set a maximum sentence of 18 months for CZ, who agreed not to appeal against any stretch below this period.
Why the lengthened sentence?
According to the prosecutors, CZ’s alleged crimes, whic
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