Bank

Cardano

United

Biden

<div class="finbold">
 <p class="paragraph">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 <a rel="noopener noreferrer nofollow" title="founder" href="https://thebittimes.com/tag/founder.html">founder</a> of Binance.</p>
 <p class="paragraph">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.</p>
 <p class="paragraph">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.</p>
 <div class="border border-red-300 rounded-xl p-6 not-prose mb-6">
  <h3 class="text-2xl font-black mt-0 flex gap-x-3 mb-5">
   <svg width="32" height="32" viewbox="0 0 32 32" fill="none" xmlns="//www.w3.org/2000/svg"><path d="M4 10.6665V25.3332C4 28.2678 6.392 29.3332 8 29.3332H28V26.6665H8.016C7.4 26.6505 6.66667 26.4078 6.66667 25.3332C6.66667 24.2585 7.4 24.0158 8.016 23.9998H28V5.33317C28 3.8625 26.804 2.6665 25.3333 2.6665H8C6.392 2.6665 4 3.73184 4 6.6665V10.6665ZM8 5.33317H25.3333V21.3332H6.66667V6.6665C6.66667 5.59184 7.4 5.34917 8 5.33317Z" fill="#EF4444"> 
    </path> <path d="M15.996 18.6668L20.4626 14.2815C20.738 14.0166 20.9571 13.6989 21.1068 13.3473C21.2564 12.9957 21.3336 12.6176 21.3336 12.2355C21.3336 11.8534 21.2564 11.4752 21.1068 11.1236C20.9571 10.7721 20.738 10.4543 20.4626 10.1895C19.9074 9.64148 19.1587 9.33422 18.3786 9.33422C17.5985 9.33422 16.8498 9.64148 16.2946 10.1895L15.996 10.4801L15.6973 10.1881C15.1423 9.64023 14.3938 9.33301 13.614 9.33301C12.8341 9.33301 12.0856 9.64023 11.5306 10.1881C11.2552 10.453 11.0361 10.7707 10.8865 11.1223C10.7368 11.4739 10.6597 11.852 10.6597 12.2341C10.6597 12.6162 10.7368 12.9944 10.8865 13.346C11.0361 13.6975 11.2552 14.0153 11.5306 14.2801L15.996 18.6668Z" fill="#EF4444"> 
    </path>
   </svg> Picks for you</h3>
  <div class="grid md:grid-cols-2 gap-x-10 gap-y-3 md:gap-y-5 divide-y divide-gray-300 md:divide-y-0">
   <div class="md:odd:pr-4 md:odd:border-r odd:border-gray-300 pt-3 first:pt-0 md:pt-0">
    Biden proposes highest Capital Gains Tax in over 100 <a rel="noopener noreferrer nofollow" title="years" href="https://thebittimes.com/tag/years.html">years</a> for stocks and crypto <span class="self-center text-xs text-slate-500">1 hour ago</span>
   </div>
   <div class="md:odd:pr-4 md:odd:border-r odd:border-gray-300 pt-3 first:pt-0 md:pt-0">
    Billionaire investor warns US is heading for financial crisis <span class="self-center text-xs text-slate-500">1 hour ago</span>
   </div>
   <div class="md:odd:pr-4 md:odd:border-r odd:border-gray-300 pt-3 first:pt-0 md:pt-0">
    Nancy Pelosi makes $1 million with stocks in a single day <span class="self-center text-xs text-slate-500">17 hours ago</span>
   </div>
   <div class="md:odd:pr-4 md:odd:border-r odd:border-gray-300 pt-3 first:pt-0 md:pt-0">
    AI predicts Cardano price for May 1, 2024 <span class="self-center text-xs text-slate-500">18 hours ago</span>
   </div>
  </div>
 </div>
 <div class="mb-4 bg-slate-50 rounded-md layout-adjustment">
  <div id="finbold.com_middle" style="min-width: 300px; min-height: 250px;">
  </div>
 </div>
 <h2 class="wp-block-heading" id="h-why-the-lengthened-sentence">Why the lengthened sentence?</h2>
 <p class="paragraph">According to the prosecutors, CZ’s alleged crimes, which they said include failure to report over 100,000 suspicious transactions with terrorist groups including Hamas, Al Qaeda, and ISIS, as well as the sale of child sexual abuse materials and ransomware deals, justify such a sentence:</p>
 <blockquote class="wp-block-quote">
  <p class="paragraph">“A custodial sentence of 36 months (…) would reflect the seriousness of the offense, promote respect for law, afford adequate deterrence, and be sufficient but not greater than necessary to achieve the goals of sentencing. (…) Given the magnitude of Zhao’s willful violation of US law and its consequences, an above-guidelines sentence of 36 months is warranted.”</p>
 </blockquote>
 <h2 class="wp-block-heading" id="h-binance-seeks-probation-instead">Binance seeks probation instead</h2>
 <p class="paragraph">Not long after the DOJ filed the document, CZ’s own legal time submitted its own sentencing memo, arguing that such a prison sentence would be a precedent in a Bank Secrecy Act (BSA) case of a similar nature and that probation is preferable instead. As they explained:</p>
 <blockquote class="wp-block-quote">
  <p class="paragraph">“No defendant in a remotely similar BSA case has ever been sentenced to incarceration. Mr. Zhao should not be the first. Given the need to avoid unwarranted sentencing disparities, Mr. Zhao’s extraordinary acceptance of responsibility, his long history of philanthropy and community service, the five and a half months he has already spent away from his family since pleading guilty, and the collateral consequences of his conviction, Mr. Zhao respectfully requests that the Court sentence him to probation.”</p>
 </blockquote>
 <p class="paragraph">Earlier this year, the US states of Florida and Alaska caved in under the regulatory pressure imposed on Binance.US, Binance’s subsidiary in the US, suspending its local license and preventing it from offering services to residents in these states any longer, as Finbold reported on January 26.</p>
 <p class="paragraph">Meanwhile, the recent developments haven’t drastically impacted the price of the Binance ecosystem’s native crypto asset, Binance Coin (BNB), which is currently trading at $614.44, gaining 0.67% on the day, advancing 12.40% across the week and accumulating an increase of 4.42% over the past month.</p>
 <p class="paragraph"><strong><em>Disclaimer:</em></strong><em> The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/us-demands-3-years-in-jail-for-binance-founder-cz-tbt86350.html">https://thebittimes.com/us-demands-3-years-in-jail-for-binance-founder-cz-tbt86350.html</a></p>

US demands 3 years in jail for Binance founder CZ

Table of Contents

TheBitTimes

Other articles published on Apr 24, 2024

Analysing BlockDAG’s 30,000x ROI & Moon Keynote Strategy Amid Ethereum ETF Challenges & Goldfinch...

Depeg of $3B restaking token ezETH causes over $60M in DeFi liquidations

Top Performing Cryptocurrencies Today : Buy, Sell Or HODL ?

5 Extremely Undervalued Crypto Altcoins Set to 15-100X SOON

Do Kwon, Terraform Labs Face $5B Penalty After LUNA Fiasco

Crypto: FTX is getting rid of its Solana, what impact on the price of SOL?

Join our free newsletter for daily crypto updates!