Changpeng Zhao, the former CEO of crypto exchange Binance, could face a decade behind bars.

The revelation comes after the US Department of Justice’s (DOJ) recent court filings, indicating a possible ten-year sentence for Zhao.

Binance’s Changpeng Zhao Could Spend a Decade in Jail

The former CEO of Binance, Changpeng Zhao, pleaded guilty to one count of violating the Bank Secrecy Act. This charge arises from Binance’s involvement in a vast global criminal enterprise, according to the DOJ.

The company agreed to a historic $4.3 billion fine, setting a new benchmark in US Treasury and FinCEN history. Binance also committed to a rigorous series of compliance, monitoring, and cooperation requirements as part of a plea agreement.

“On that note, I am proud to point out that in our resolutions with the US agencies, they do not allege that Binance misappropriated any user funds, and do not allege that Binance engaged in any market manipulation. Funds are SAFU,” Zhao said.

Still, legal experts anticipate a 12 to 18-month sentence for Zhao at a minimum-security prison. Moreover, a recent DOJ filing highlighted Zhao’s potential flight risk, given his UAE citizenship and considerable wealth.

Read more: 7 Best Binance Alternatives in 2023

The DOJ advocates for stringent pre-sentencing restrictions as the “United States is free to argue for any sentence up to the statutory maximum of ten years.”

“Should Mr. Zhao decide not to return to the United States to face an uncertain sentence, there is no reason to believe that the UAE would hand him over. The government respectfully requests the Court require Mr. Zhao to remain

Go to Source to See Full Article
Author: Bary Rahma

Did you like this?
Tip BTC Newswire with Cryptocurrency

• Bitcoin
• Bitcoin Cash
• Ethereum
• Litecoin
• Monero
• ZCash

Donate Bitcoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Bitcoin Cash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Ethereum to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Ether:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Litecoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Litecoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Monero to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Monero:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate ZCash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some ZCash:

Copy ZCash Address

[X] Click Here to Hide Donation Details