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US Seeks Jail Time for Binance Founder CZ

Cz

The US Department of Justice is seeking a three-year prison sentence for Binance founder Changpeng Zhao.

According to a statement by Justice Department attorneys, Zhao should be sentenced to 36 months in prison and fined $50 million for violating the Bank Secrecy Act.

“The sentence in this case will send a message not only to Zhao but to the world,” the department said.

Zhao, who reached a settlement with the US government, was expected to face up to 18 months in prison. However, the department wants Zhao to receive a larger sentence because he committed large-scale crimes.

Zhao’s lawyers had already agreed to the $50 million fine.

The hearing for the Binance founder, originally scheduled for February, was postponed to April 30 by joint decision of the parties.

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