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 Binance’s co-founder and former CEO, Changpeng Zhao, is set to face sentencing in a Seattle courtroom today, Tuesday, April 30, 2024, with U.S. prosecutors pushing for a three-year prison term.&nbsp; 
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They argue that no one has breached the Bank Secrecy Act as severely as Zhao did; thus, the sentence they request is justifiable. Notably, the three-year imprisonment term surpasses the range for such an offence. 
Zhao was accused of turning a blind eye to money laundering practices on the exchange platform, including transactions supporting child exploitation, drug trafficking, and terrorism. <a href="https://www.justice.gov/opa/pr/binance-and-ceo-plead-guilty-federal-charges-4b-resolution">According to U.S. Authorities,</a> Binance allowed more than 1.5 million virtual currency trades — totalling nearly $900 million — that violated U.S. sanctions. 
In light of the allegations, Zhao <a style="color: #0000ff;" href="https://defi-planet.com/2023/11/binance-founder-zhao-steps-down-as-ceo-richard-teng-takes-the-helm-amidst-regulatory-challenges/">admitted guilt and resigned as CEO</a> of Binance in November 2023. The exchange <a style="color: #0000ff;" href="https://defi-planet.com/2023/11/binance-settles-with-u-s-authorities-agrees-to-pay-4-3-billion-penalty-as-ceo-faces-potential-jail-time/">also agreed to a $4.3 billion settlement penalty</a> to address these issues. 
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 “I feel the need to own up to my actions and move on from this phase of my life” 
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Zhao <a style="color: #0000ff;" href="https://www.timesofisrael.com/binance-founder-faces-sentencing-for-allowing-money-laundering-some-for-hamas-and-iran/">reportedly</a> stated as he admitted to one charge of neglecting to stop money laundering. 
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 “I aspire to make amends. Otherwise, I wouldn’t have appeared here today.”
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Despite his attorneys advocating for no prison time due to his cooperation in returning from the UAE – where he resides with his family – to admit guilt in the U.S., concerns remain over sentencing implications under the Bank Secrecy Act. 
RELATED: <a style="color: #0000ff;" href="https://defi-planet.com/2024/04/us-regulators-are-not-letting-up-on-binance-and-former-ceo-cz-heres-why/">U.S. Regulators Are Not Letting Up on Binance and Former CEO CZ; Here’s Why</a> 
Zhao was perhaps best known as the chief rival to Sam Bankman-Fried, the founder of FTX, the second-largest crypto exchange, before it collapsed in 2022. Notably, Bankman-Fried was<a style="color: #0000ff;" href="https://apnews.com/article/sam-bankman-fried-ftx-cryptocurrency-sentencing-sbf-d7bb1a5e94b4c22039d74dfeab1a2ff1#:~:text=NEW%20YORK%20(AP)%20%E2%80%94%20Crypto,platforms%20for%20exchanging%20digital%20currency."> recently sentenced to 25 years in prison</a> for his involvement in the massive fraudulent acts the FTX’s management committed against their customers.&nbsp; 
As Zhao’s legal proceedings unfold, the cryptocurrency community awaits the outcome, as it could set a precedent for future cases involving money laundering in the digital asset space. 
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The post <a href="https://defi-planet.com/2024/04/binance-co-founder-zhao-to-face-sentencing-today-prosecutors-seek-three-year-prison-term/">Binance Co-Founder, Zhao, to Face Sentencing Today, Prosecutors Seek Three-Year Prison Term</a> appeared first on <a href="https://defi-planet.com">DeFi Planet</a>.

Binance Co-Founder, Zhao, to Face Sentencing Today, Prosecutors Seek Three-Year Prison Term

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