US prosecutors are seeking a three-year prison sentence for Binance founder and former CEO Zhao Changpeng after his guilty plea to money laundering charges. Prosecutors argue that Zhao’s violations were willful and severe, while his lawyers request probation. The sentencing hearing is scheduled for April 30th, and Binance has already agreed to a $4.32 billion criminal penalty.
Binance, the world’s largest cryptocurrency exchange by volume, is facing a fresh legal battle in Ontario, Canada. The Superior Court of Justice in Ontario has filed a class action lawsuit against the cryptocurrency exchange, alleging that it sold crypto derivative products to retail investors without registration, violating securities laws. The lawsuit seeks both damages and rescission for the affected trades, accusing Binance of failing to comply with necessary registrations and prospectus filings as stipulated by securities regulations.
