world’s largest cryptocurrency stock exchange founder C.Z. While the penalty requested for him has increased, he is requested to receive a prison sentence of 36 months.
At this point, the US Department of Justice said in a statement that Changpeng Zhao, the founder and former chief executive of Binance, should be sentenced to three years in prison for his role in enabling the crypto exchange to violate federal sanctions and money laundering laws.
While the US Department of Justice increased the sentence, CZ’s lawyers argued that he should not be sentenced to prison, citing “the fine that CZ paid and his acceptance of responsibility”, and that instead of prison time, he should be released on measures such as probation, which could include house arrest at his home in Abu Dhabi.
According to Coindesk, CZ apologized for his “poor decisions” and accepted full responsibility for his actions in a new letter to U.S. Judge Richard A. Jones, who presided over the case.
“There is no excuse for my failure to establish the necessary compliance controls at Binance. “I am being punished for my actions and today I am facing the criminal justice system.”
“Lots of Support for CZ!”
Apart from CZ’s letter, the judge also received letters of support for CZ.
Among those who sent letters of support to the judge Zhao’s sister Jessica Zhao, former Managing Director of Morgan Stanley, Binance co-founder He YiYang Weiqing, the mother of Zhao’s two children, Binance’s Head of Financial Crimes Compliance, and Tigran Gambaryan, a former special agent with the US Treasury Department who is currently languishing in a Nigerian prison due to a dispute between Binance and Nigeria.
CZ’s sister, Jessica Zhao, said in her letter that although her brother made mistakes, he lived to do good things for others. Citing the FTX bankruptcy as an example, Jessica Zhao said that CZ ensured that Binance did not misuse any customer funds.
He Yi, another co-founder of Binance, wrote in his letter: “If the cryptocurrency industry is compared to the Wild West, then CZ is the guardian of this wilderness. “With even the United States yet to decide how to regulate and define this industry, CZ was bound to encounter blind spots as a founder who had never run a company of this size before.”
*This is not investment advice.
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