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US prosectors want crypto giant Binance’s founder Zhao Changpeng to serve 3 years in prison on top of US$50 million fine
- Prosecutors say sentencing Zhao to twice the maximum length recommended under federal guidelines would reflect the magnitude of his wilful violations
- Zhao, who admitted to evading anti-money-laundering laws, agreed not to appeal any sentence within federal guidelines
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US prosecutors want Zhao Changpeng, founder and former chief executive of Binance, the world’s largest cryptocurrency exchange, to serve three years in prison after he pleaded guilty to violating laws against money laundering.
Prosecutors made the request in a Tuesday night filing in Seattle federal court.
They said sentencing Zhao to twice the maximum 18 months recommended under federal guidelines would reflect the magnitude of his wilful violations, and send a message that “the right choice, every time, is to comply with the law”.
Lawyers for Zhao requested probation. US District Judge Richard Jones is expected to sentence Zhao on April 30.
Once the most powerful figure in the crypto industry, Zhao, 47, stepped down as Binance’s chief last November, when he and the exchange admitted to evading anti-money-laundering requirements under the Bank Secrecy Act.
Binance agreed to a US$4.32 billion criminal penalty.
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