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Headline : U.S. DOJ recommends 3 years imprisonment for Binance founder, Changpeng Zhao

Read more from the original article on here at nairametrics.com.





Tags : #us #doj #recommends #3 #years #imprisonment #binance #founder #changpeng #zhao


No. of Paragraph 27

The United States Department of Justice (DOJ) has recommended that the founder and former chief executive of Binance, Changpeng “CZ” Zhao, should spend three years in prison for his role in enabling the crypto exchange to violate federal sanctions and money laundering laws.

The DOJ’s attorneys stated this in a sentencing memo filed in court on Tuesday. The attorneys argued that Zhao should pay $50 million in addition to spending 36 months in prison.

This comes as one of the officials of the crypto trading platform, Tigran Gambaryan, is also facing trial on charges of tax evasion, money laundering, and foreign exchange contravention.

Zhao had pleaded guilty to violating the Bank Secrecy Act last November. However, his attorneys argued he should serve no jail time, citing the fine he paid and his “extraordinary acceptance of responsibility.” Instead, they suggested he be sentenced to probation, which could include home confinement at his home in Abu Dhabi.

Read more from the original article on here at nairametrics.com.


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