Bank

Richard

United

<div class="coinjournal">
 <ul>
  <li>The judge has diverged from DOJ’s 36-month proposal.</li>
  <li>Some believe the judge is leaning towards a 10 to 16-month sentence.</li>
  <li>Changpeng ‘CZ’ Zhao is accused of violating the Bank Secrecy Act.</li>
 </ul>
 <p>In a pivotal turn of events, the sentencing hearing for Changpeng ‘CZ’ Zhao, the former CEO of <a rel="noopener noreferrer nofollow" title="Binance" href="https://thebittimes.com/tag/binance.html">Binance</a>, has taken a surprising twist.</p>
 <p>Judge Richard Jones has signalled a departure from the harsh sentencing proposed by the United States Department of Justice (DOJ), favouring a more lenient approach.</p>
 <h2 id="judge-jones-leans-towards-leniency">Judge Jones leans towards leniency</h2>
 <p>In the ongoing court hearing, Judge Jones expressed scepticism towards the DOJ’s push for a lengthy prison sentence, opting instead to align with the recommendation put forth by the Probation Office.</p>
 <p>This recommendation suggests a jail term of 10 to 16 months for Zhao, a stark contrast to the 36 months sought by the DOJ.</p>
 <h2 id="zhao-s-guilty-plea-and-community-support">Zhao’s guilty plea and community support</h2>
 <p>Zhao’s legal woes stem from a one-count charge of violating the Bank Secrecy Act, to which he pleaded guilty and resigned from <a rel="noopener noreferrer nofollow" title="Binance" href="https://thebittimes.com/tag/binance.html">Binance</a>.US board.</p>
 <p>After Changpeng ‘CZ’ Zhao’s admission of guilt, he garnered widespread support from the crypto community, with family and friends rallying behind him and sending letters of support.</p>
 <h2 id="what-zhao-s-sentencing-mean-for-binance">What Zhao’s sentencing mean for Binance</h2>
 <p>The outcome of Zhao’s sentencing holds significant implications, particularly for <a rel="noopener noreferrer nofollow" title="Binance" href="https://thebittimes.com/tag/binance.html">Binance</a>, the cryptocurrency exchange he co-founded.</p>
 <p>With Zhao’s conviction potentially affecting the France outpost, where he maintains full ownership, <a rel="noopener noreferrer nofollow" title="Binance" href="https://thebittimes.com/tag/binance.html">Binance</a>’s pursuit of a European License under Markets in Crypto Asset (MiCA) rules by 2025 could face hurdles.</p>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/changpeng-cz-zhao-faces-reduced-jail-time-as-judge-rejects-doj-request-tbt87089.html">https://thebittimes.com/changpeng-cz-zhao-faces-reduced-jail-time-as-judge-rejects-doj-request-tbt87089.html</a></p>

Changpeng ‘CZ’ Zhao faces reduced jail time as judge rejects DOJ request

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