Binance's founder and former chief executive, 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 U.S. Department of Justice said Tuesday night.arguing he should spend 36 months in prison and pay a $50 million fine after he pleaded guilty to violating the Bank Secrecy Act last November.
Zhao originally faced up to 18 months in prison under the terms of his plea agreement. The DOJ argued in Tuesday's filing that"the scope and ramifications of Zhao's misconduct were massive," and so"an upward variance is appropriate here." Much of the filing echoes arguments made by the DOJ when it first announced charges against Binance and Zhao last year, pointing to how the exchange operated within the U.S.
The filing also took aim at how the Sentencing Guidelines address Bank Secrecy Act violations, saying they"are not designed to adequately punish either misconduct on this scale or misconduct that harms U.S. national security."
Coin Coin Latest News, Coin Coin Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: binance - 🏆 561. / 51 Read more »
Binance co-founder He Yi says CZ received ‘most optimal outcome’Co-founder of cryptocurrency exchange Binance He Yi told an audience in Dubai that disgraced CEO Changpeng Zhao isn’t so bad off in the U.S., where he faced sentencing on a felony charge at the end of the month.
Source: Cointelegraph - 🏆 562. / 51 Read more »