Member LoginMember Login - User registration - Setup as front page - Add to favorites - Sitemap Binance founder Changpeng Zhao faces sentencing; US seeks 3 !

Binance founder Changpeng Zhao faces sentencing; US seeks 3

Time:2024-05-01 02:28:38 source:Earthly Echo news portal

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 information
  • Macao's electoral affairs commission for chief executive election takes office
  • China's consumer price index rises
  • Record Qingming holiday box office heats up for May Day moviegoing frenzy
  • Strike takes place in Jordan to support Palestinian people in Gaza
  • Feature: China's satellite TV aid project enlightens remote rural villages in Africa
  • Paintsil, Fagúndez spark Galaxy to 3
  • Turkish parliament to discuss Sweden's NATO bid next week
  • Staggering figures reveal America's gun violence in 2023
Recommended content
  • Roundup: Experts warn hunger, food insecurity rising in Africa
  • 14 dead in road accident in India
  • Harry Styles' huge net worth revealed as singer pays himself a whopping £67million after sold
  • Royal gardener reveals top tips to get rid of slugs and snails
  • Russia withstands sanctions pressure, Putin says
  • Dengue cases surpass 80,000 in Sri Lanka so far this year