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:2024-05-21 13:10:44 source:Stellar Spectacle 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
  • Minnesota Uber and Lyft driver pay package beats deadline to win approval in Legislature
  • Dragons nestle in the mountains outside Beijing
  • S. Korea to lift post
  • Top French diplomat arrives in Lebanon in attempt to broker a halt to Hezbollah
  • Analysis: Larson enters conversation with Verstappen as best drivers in the world
  • Mainland ready to provide aid to quake
  • China's new high
  • A Chinese storm chaser
Recommended content
  • Revealed: Brit tourist, 19, subjected to sex attack in Majorca 'was gang
  • People have fun during Mid
  • Dragons nestle in the mountains outside Beijing
  • Nanjing Massacre victims remembered ahead of Qingming Festival
  • Nadal returns to Roland Garros to practice amid doubts over fitness and form
  • Stuart Skinner gets 1st postseason shutout as Oilers beat Kings 1