Binance Founder Faces Potential Jail Time

Crypto currency world sees significant developments today concerning the former CEO of Binance. US prosecutors have stated that Changpeng Zhao, founder of the world’s largest cryptocurrency exchange Binance, should serve 36 months in prison for violating anti-money laundering laws.

Contents

Verdict Could Be Issued on April 30 18-Month Sentence Could Double

Verdict Could Be Issued on April 30

Expected to be sentenced in Seattle on April 30, Zhao resigned from his position at Binance last November, admitted to the violations, and consented to a $4.32 billion penalty. Additionally, Zhao agreed to pay $50 million.

US prosecutors emphasized in their court submission that “considering the magnitude and consequences of Zhao’s intentional violation of US laws, a 36-month sentence is warranted.”

18-Month Sentence Could Double

Federal sentencing guidelines initially suggested a maximum of 18 months in prison for Zhao, who had agreed not to appeal any sentence within that duration. He was released on a $175 million bail in the US.

Prosecutors claimed that Binance‘s platform supported the sale of child sexual abuse materials and received a significant portion of ransomware revenues.