They emphasized that this, together with a fine of $50 million, achieves a balance consistent with the sentencing objectives outlined in 18 U.S.C. § 3553(a).
Americans are getting ready for U.S. authorities to sentence Binance founder Changpeng “CZ” Zhao on April 30. After Zhao admitted guilt in breaking anti-money laundering regulations, the prosecution pushed for a 36-month sentence in a court petition on April 23, demanding a prison term.
The prosecution argued that a 36-month sentence beyond ordinary recommendations was warranted due to Zhao’s willful violation of U.S. law and its consequences in their submission to the U.S. district court for the Western District of Washington.
Along with a $50 million fine, they stressed that this achieves a balance that is in line with the sentencing goals outlined in 18 U.S.C. § 3553(a).
In November 2023, Zhao resigned as CEO of Binance after admitting to violating U.S. money laundering legislation. In addition to the larger penalties levied on Binance, he was hit with a direct penalty of $50 million.
According to federal standards, Zhao has decided not to challenge the restriction that caps his possible jail time at 18 months. He is now free on a bail of $175 million.
Binance and Zhao both admitted their wrongdoing and agreed to deal with the US authorities for $4.3 billion to end the judicial process. Through this arrangement, Binance was able to continue operating in a way that complied with regulations in the United States.
Zhao is still involved with the bitcoin industry, even after he left Binance. He launched Giggle Academy in March; it’s a crypto and blockchain teaching programmed that doesn’t accept any new coins.
The project’s target audience is two- to three-year-old toddlers, and its goal is to encourage early interaction with modern technology.
In honor of Binance’s history, Zhao recently presented the logo for Giggle Academy, which represents optimism, progress, and youth.
“Our goal in designing the Giggle Academy logo was to convey an air of positivity, youth, fun, and progress.” He said on April 24 that it’s a way to pay homage to Binance’s origins.
Also Read: The Japanese Yen Hits New Lows in Decades
