The U.S. Department of Justice (DOJ) has recommended a three-year prison sentence for Changpeng “CZ” Zhao, the founder and former Chief Executive Officer of Binance.
This recommendation follows Zhao’s guilty plea last year for violating the Bank Secrecy Act last November.
CZ’s Sentencing
According to documents filed by DOJ attorneys on Tuesday night, Zhao should serve 36 months in prison and pay a $50 million fine.
The filing asserted that “the sentence in this case will not just send a message to Zhao but also to the world,” emphasizing the need for a severe penalty to deter similar misconduct in the future.
The filing outlines the DOJ’s assessment of the sentencing guidelines, acknowledging that they typically propose a range of 12 to 18 months. However, it highlights Zhao’s awareness of Binance’s legal violations and his active role in promoting them.
It also criticizes the adequacy of the Sentencing Guidelines in addressing violations of the Bank Secrecy Act, ass
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