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 articles:
Related suggestion:
Earth Day: How to grocery shop to avoid 'pointless plastic'Sarah Jayne Dunn sets pulses racing in animal print bra as she joins chic Georgia May Foote at COSatellite image analysis: Iranian attack damaged Israeli air baseSizzling Phillies finish homestand 8Jimmy Vesey and Artemi Panarin lead Rangers to 4Earth Day: How to grocery shop to avoid 'pointless plastic'Atletico misses chance to strengthen hold on 4th place after losing at Alaves in Spanish leagueIsrael, Iran show restraint. But for how long?Liverpool stays in the hunt for the Premier League title with 3Sizzling Phillies finish homestand 8
2.0222s , 6491.2265625 kb
Copyright © 2024 Powered by Binance founder Changpeng Zhao faces sentencing; US seeks 3 ,Stellar Stories news portal