Summary:
Changpeng Zhao (aka “CZ”) – the founder and former CEO of crypto exchange giant Binance – has been sentenced to 4 months in prison after a hearing in a Seattle courthouse on Tuesday. The sentencing follows CZ’s guilty plea to running afoul of know-your-customer and anti-money laundering requirements at his exchange in November. During the hearing, Judge Richard Jones acknowledged tht CZ had “accepted responsibility” for his actions, and that his actions at Binance were of a “mitigating nature.” “There’s no evidence that the defendant was ever informed [of illegal activity at Binance]” the judge said, as reported by journalist Nikhilesh De. Jones was immediately skeptical of the Department of Justice (DOJ), for arguing that CZ should be sentenced to three years – twice the
Topics:
Andrew Throuvalas considers the following as important: AA News, Binance, Changpeng Zhao (CZ Binance), DoJ
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Changpeng Zhao (aka “CZ”) – the founder and former CEO of crypto exchange giant Binance – has been sentenced to 4 months in prison after a hearing in a Seattle courthouse on Tuesday. The sentencing follows CZ’s guilty plea to running afoul of know-your-customer and anti-money laundering requirements at his exchange in November. During the hearing, Judge Richard Jones acknowledged tht CZ had “accepted responsibility” for his actions, and that his actions at Binance were of a “mitigating nature.” “There’s no evidence that the defendant was ever informed [of illegal activity at Binance]” the judge said, as reported by journalist Nikhilesh De. Jones was immediately skeptical of the Department of Justice (DOJ), for arguing that CZ should be sentenced to three years – twice the
Topics:
Andrew Throuvalas considers the following as important: AA News, Binance, Changpeng Zhao (CZ Binance), DoJ
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Changpeng Zhao (aka “CZ”) – the founder and former CEO of crypto exchange giant Binance – has been sentenced to 4 months in prison after a hearing in a Seattle courthouse on Tuesday.
- The sentencing follows CZ’s guilty plea to running afoul of know-your-customer and anti-money laundering requirements at his exchange in November.
- During the hearing, Judge Richard Jones acknowledged tht CZ had “accepted responsibility” for his actions, and that his actions at Binance were of a “mitigating nature.”
- “There’s no evidence that the defendant was ever informed [of illegal activity at Binance]” the judge said, as reported by journalist Nikhilesh De.
- Jones was immediately skeptical of the Department of Justice (DOJ), for arguing that CZ should be sentenced to three years – twice the recommended sentencing guideline for similar crimes.
- The DOJ argued that the punishment should fit the magnitude of CZ’s crime, claiming the Bank Secrecy Act would “for intents and purposes be a dead letter,” if CZ did not receive meaningful time in prison.
- By contrast, CZ’s defense argued for no prison time at all, citing the United States’ previous case against BitMEX co-founder Arthur Hayes, who instead received two months probation.
- Binance has already agreed to pay a $4 billion fine, while CZ paid a $50 million fine as part of a plea deal last year. Some estimates suggest that the crypto mogul still has $43 billion to his name.
- “I recognize the importance of having a robust KYC/[anti-money-laundering] program,” said CZ in court on Tuesday. “That is why I directed Binance to cooperate with the U.S.’s investigation.”