Binance Founder Changpeng Zhao Should Spend 3 Years in Prison, DOJ Says
Powered by @unfolded- The US Department of Justice has filed a sentencing memo recommending that Binance founder Changpeng Zhao (CZ) spend three years in prison for violating federal sanctions and money laundering laws.
- The DOJ argues that the sentence should not only punish CZ but also send a message to the world about the consequences of violating US law.
- CZ had originally faced up to 18 months in prison but the DOJ is seeking an upward variance due to the "massive" scope and ramifications of his misconduct.
- A $50 million fine, which was agreed upon by both the prosecution and CZ's defense team, is also being recommended.