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:2024-04-30 19:41:38 source:Earthly Echoes 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
  • Chinese Language Day celebrated at UN with cultural exhibition
  • Swedish appeals court rules space rock should stay with the owner of the property where it landed
  • Masked gunmen shoot Myanmar Christian leader during church service — Radio Free Asia
  • Video from 2022 misrepresented as footage of Baltimore bridge collapse
  • 8th Aswan int'l women film festival opens in Egypt
  • Easter weekend road toll worst since 2021
  • California is still counting votes from Super Tuesday. Experts say that’s normal
  • Posts distort former Virginia governor’s comments on third trimester abortions
Recommended content
  • Rays reliever Chris Devenski goes on the injured list with knee tendinitis
  • 5 takeaways from the abortion pill case before the U.S. Supreme Court
  • California is still counting votes from Super Tuesday. Experts say that’s normal
  • No, OJ Simpson did not admit on X to the 1994 killings of his ex
  • Sandra Bullock's teen son Louis towers over her during rare outing in West Hollywood
  • Hong Kong jails Portuguese national for overseas social media posts — Radio Free Asia