Member LoginMember Login - User registration - Setup as front page - Add to favorites - Sitemap Binance founder Changpeng Zhao faces sentencing; US seeks 3 !

Binance founder Changpeng Zhao faces sentencing; US seeks 3

Time:2024-05-29 02:41:37 source:Stellar Standpoint news portal

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 information
  • 3 children hospitalized in Puerto Rico after lightning strikes beach
  • Rollout of transgender bathroom law sows confusion among Utah public school families
  • Chelsea launch new £300
  • Zimbabwe’s ZiG is the world’s newest currency
  • China's robust exports give auto parts industries a leg
  • If you liked Baby Reindeer, stream these dark and...
  • Zimbabwe’s ZiG is the world’s newest currency
  • British police officer faces terror charge for showing support for Hamas on WhatsApp
Recommended content
  • All change! Premier League undergoes postseason managerial upheaval with Maresca set for Chelsea
  • How you could be allergic to your glass of wine
  • Donald Trump trial LIVE: Ex
  • NATO chief chides allies for not being quicker to help Ukraine
  • Love Island fans brand show 'a joke' for lack of diversity
  • British police officer faces terror charge for showing support for Hamas on WhatsApp