Richard

2024

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<ul>
 <li>Changpeng Zhao faces a proposed 36-month sentence for U.S. law violations.</li>
 <li>Zhao’s defense seeks probation, citing his cooperation and financial penalties.</li>
 <li>Zhao remains free on a $175 million bond, with travel restrictions pending sentencing.</li>
</ul>
<p>U.S. prosecutors are seeking 36 months of imprisonment for Changpeng Zhao, founder and former chief executive of Binance. This legal action follows Zhao’s November guilty plea to charges related to anti-money laundering and sanctions violations.&nbsp;</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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   <p lang="en" dir="ltr"><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;">Binance founder Changpeng Zhao should spend three years in prison, U.S. prosecutors argued on Tuesday. <a href="https://t.co/hpxjV5B803" rel="noopener noreferrer nofollow">pic.twitter.com/hpxjV5B803</a></p>— Rohitash Yadav (CCM) (@RYadav8177) <a href="https://twitter.com/RYadav8177/status/1783012256352985487?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">April 24, 2024</a>
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<p><strong>Prosecution and Defense Positions</strong></p>
<p>In the <a href="https://www.courtlistener.com/docket/68025988/78/united-states-v-zhao/" target="_blank" rel="noopener noreferrer nofollow">detailed</a> court filing, the Department of Justice emphasized that Zhao’s actions were deliberate, arguing he chose to flout U.S. laws as a strategy to expand his business and personal wealth. “Zhao’s willful violation of U.S. law was no accident or oversight,” the DOJ stated. They urged the court to impose an above-Guidelines sentence of 36 months of imprisonment, highlighting the severe nature of the offenses.</p>
<p>In response, Zhao’s defense counsel <a href="https://storage.courtlistener.com/recap/gov.uscourts.wawd.328570/gov.uscourts.wawd.328570.81.0.pdf" target="_blank" rel="noopener noreferrer nofollow">filed</a> a counter-memo advocating for probation rather than prison. They pointed out Zhao’s cooperative actions, including directing his company to plead guilty and settling related charges with multiple federal agencies. “Mr. Zhao has paid massive fines and his proactive legal engagements strongly favor leniency,” the defense memo argued.</p>
<p><strong>Legal Proceedings and Corporate Changes</strong></p>
<p>Zhao, who pleaded guilty to anti-money laundering and sanctions violations in November, has already agreed to pay a substantial $50 million fine. He also stepped <a href="https://cryptonewsland.com/changpeng-cz-zhao-steps-down-as-binance-ceo-names-richard-teng-as-successor/" target="_blank" rel="noopener noreferrer nofollow">down</a> from his role as CEO of Binance, which agreed to a historic $4.3 billion settlement with U.S. authorities. This settlement represents one of the largest in corporate history, underscoring the scale of the legal issues addressed.</p>
<p>Currently, Zhao remains free on a $175 million bond, with restrictions that have barred travel to locations like Dubai, pending his sentencing scheduled for April 30. Meanwhile, Binance moved forward with leadership changes, appointing Richard Teng as the new CEO following Zhao’s resignation.</p>
<p>This case unfolds as the cryptocurrency industry watches closely, marking a chapter in the ongoing dialogue between digital finance leaders and regulatory authorities.</p>
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 <li><a href="https://cryptonewsland.com/binance-founder-czs-sentencing-postponed-to-april-30/" rel="noopener noreferrer nofollow">Binance Founder CZ’s Sentencing Postponed to April 30</a></li>
 <li><a href="https://cryptonewsland.com/do-kwon-might-see-the-last-bitcoin-mined-if-he-lives-enough-to-serve-his-sentence/" rel="noopener noreferrer nofollow">Do Kwon Might See the Last Bitcoin Mined If He Lives Enough To Serve His Sentence</a></li>
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<p>The post <a href="https://cryptonewsland.com/u-s-prosecutors-recommend-three-year-sentence-for-binances-founder-zhao/" rel="noopener noreferrer nofollow">U.S. Prosecutors Recommend Three-Year Sentence for Binance’s Founder, Zhao</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.</p>

U.S. Prosecutors Recommend Three-Year Sentence for Binance’s Founder, Zhao

Crypto News Land

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