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 13:44:42 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
  • 'The Apprentice,' about a young Donald Trump, premieres in Cannes
  • Guler goal gives much
  • CHINADA ready to cooperate with WADA in regular compliance review
  • Can't sleep? Ditch the duvet and just snuggle under a heavy blanket
  • Analysis: Larson enters conversation with Verstappen as best drivers in the world
  • The 49ers balance immediate needs with long
  • Martínez scores in stoppage time, rallies NYCFC to 2
  • A munitions explosion at a Cambodian army base kills 20 soldiers, but its cause is unclear
Recommended content
  • Justin Timberlake set to bring his The Forget Tomorrow World Tour to Australia in 2025
  • Bryan Reynolds, Ke'Bryan Hayes hit back
  • Saints fill need at offensive tackle, add depth at cornerback and QB during NFL draft
  • Martínez scores in stoppage time, rallies NYCFC to 2
  • Inquiry slams UK authorities for failures that killed thousands in infected blood scandal
  • JANA HOCKING: Married men need to get out of my way