Prosecutors have recommended a prison sentence of at least three years for Zhao for violating the Bank Secrecy Act, but his lawyers have argued for simply probation.
Posted April 29, 2024 at 6:33 pm EST.
On Tuesday, April 30, Changpeng “CZ” Zhao will face sentencing before a federal court in Seattle, Washington.
Zhao founded Binance, the largest cryptocurrency exchange in the world, leading it as CEO until the Department of Justice brought charges against the exchange and Zhao in November for Bank Secrecy Act failures.
Particularly in its early days, the exchange and its leader had a reputation for publicly thumbing their noses at regulators. Zhao was famous for keeping Binance constantly in motion, theoretically out of the range of US law. But the lawsuits against Binance have undercut the validity of the…
