Binance founder Changpeng Zhao faces sentencing; US seeks 3
SEATTLE (AP) — Changpeng Zhao, the founder of Binance, the world’s largest cryptocurrency exchange, faces sentencing Tuesday in a Seattle courtroom, where U.S. prosecutors are asking a judge to give him a three-year prison term for allowing rampant money laundering on the platform.
Zhao pleaded guilty and stepped down as Binance CEO in November as the company agreed to pay $4.3 billion to settle related allegations. U.S. officials said Zhao deliberately looked the other way as illicit actors conducted transactions that supported child sex abuse, the illegal drug trade and terrorism.
“He made a business decision that violating U.S. law was the best way to attract users, build his company, and line his pockets,” the Justice Department wrote in a sentencing memorandum filed last week.
Zhao’s attorneys, insist he should receive no prison term at all, citing his willingness to come from the United Arab Emirates, where he and his family live, to the U.S. to plead guilty, despite the UAE’s lack of an extradition treaty with the U.S. No one has ever been sentenced to prison time for similar violations of the Bank Secrecy Act, they said.
Related articles
Jon Wysocki dead at 53: Staind drummer passes away
The music world is in mourning this Sunday, with word that original Staind drummer Jon Wysocki passi2024-05-21Hapoel Jerusalem win Israel's basketball State Cup
Champions League club Hapoel Jerusalem beat EuroLeague side Maccabi Tel Aviv 85-72 in the Israeli St2024-05-21- Anya Taylor-Joy stunned in a green mini dress with an eye-catching accessory as she and Chris Hemswo2024-05-21
EDEN CONFIDENTIAL: Former daughter
Autumn Phillips, former wife of Princess Anne's son Peter, appeared to be humming the song Anything2024-05-21Medics remove 150 MAGGOTS from a woman's mouth after dental procedure left her with rotting tissue
A team of shocked medics removed 150 maggots from a woman's mouth that had appeared after a dental p2024-05-21Rossi has goal, assist in Crew's 3
CHICAGO (AP) — Diego Rossi gave Columbus the lead for good with a first-half goal and added an assis2024-05-21
atest comment