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:
King Charles and Queen Camilla could miss superNapheesa Collier scores 29 to help the Lynx beat the Storm 102Gunnar Henderson's leadoff homer launches big 1st inning for Orioles in 9Book of Xi's discourses on Chinese modernization published in RussianChina's top legislature starts standing committee sessionChina's top legislature starts standing committee sessionA meeting of baseball's oldest managers with Washington back in Texas to face Bochy9 killed in northwest China's traffic accidentChina maps out key tasks in digitalizing countrysideChinese explorer crosses Taklamakan Desert on foot in 61 days
2.6507s , 6498.1640625 kb
Copyright © 2024 Powered by Binance founder Changpeng Zhao faces sentencing; US seeks 3 ,Global Gallery news portal