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:
Candace Parker takes new job with Adidas after retiring from WNBAMillie Mackintosh stuns in a paint splatter dress as she attends a home décor workshopGambling legislation remains stalled in session's closing hoursTeoscar Hernández hits 2Rory McIlroy will NOT return to PGA Tour board after 'old wounds' reopened in 'messy' discussionsArmenia's prime minister in Russia for talks amid strain in tiesHow Kim Kardashian's breathtaking silver corset proves the dangerous centuriesJean Smart reveals Harry Styles' cheeky 'hack' for checking into hotels undercoverAirbnb shares slide on lower revenue forecast despite a doubling of net incomeNYC real estate developer charged with driving into woman at pro
2.9146s , 5260.6875 kb
Copyright © 2024 Powered by Binance founder Changpeng Zhao faces sentencing; US seeks 3 ,Stellar Saga news portal