Binance founder Changpeng Zhao faces a potential three-year prison sentence following his guilty plea to violating federal money laundering laws and sanctions. In a court filing, federal prosecutors argue that the lengthy sentence is necessary to hold Zhao accountable for his intentional criminal conduct and to deter similar offenses in the future. The filing cites Zhao’s internal comments that Binance’s non-compliance with U.S. laws was a strategic decision made to attract users and grow the company’s profits. Prosecutors also point to the staggering number of suspicious transactions processed by Binance that went unreported, as well as the facilitation of nearly $900 million in transactions between its U.S. and Iranian users. They assert that a three-year sentence is required to convey a clear message that breaking the law for financial gain will not be tolerated. Zhao, who agreed to step down as Binance’s CEO and pay a $50 million fine as part of a plea deal, is expected to be sentenced on April 30.
Binance Founder Faces Three-Year Prison Sentence Recommendation from Federal Prosecutors
