Ex-Binance Chief Set For Sentencing In US Court

San Francisco, (APP - UrduPoint / Pakistan Point News - 30th Apr, 2024) US Federal prosecutors are calling for ex-Binance chief Changpeng Zhao to be sent to prison when he appears Tuesday for sentencing on money laundering charges.

Zhao, a Canadian, resigned from his post at the world's largest cryptocurrency exchange platform late last year as part of a deal with US authorities.

According to investigations by two Treasury agencies, Binance allegedly failed to prevent transactions by movements such as al-Qaeda or Hamas.

Zhao pleaded guilty to violating US anti-money laundering laws and Binance agreed in February to pay $4.3 billion to settle charges.

Prosecutors want a judge to make Zhao pay a $50 million fine and spend three years behind bars for a crime that typically results in probation, according to a court filing.

"He made a business decision that violating US law was the best way to attract users, build his company, and line his pockets," Justice Department lawyers said of Zhao in a sentencing memorandum.

"The sentence in this case will not just send a message to Zhao but also to the world."

Attorneys for Zhao countered in a filing that being punished with probation is just, appropriate, and in line with legal precedent.

They cited Zhao's acceptance of responsibility along with what they called his philanthropic track record.