Today has been quite interesting for the cryptocurrency market. Hong Kong spot Bitcoin and Ethereum ETFs did not meet expectations. Then, hard sales started in the market and Bitcoin reached the 60 thousand dollar limit. In the midst of these, the founder and former CEO of Binance, the world’s largest crypto exchange, appeared before the judge. This trial represents a fateful moment for the Binance founder.
Judge rejects DOJ’s sentence increase request
Binance founder and former CEO Changpeng Zhao (CZ) appeared before the judge today for the decision. Meanwhile, Judge Richard Jones denied the Department of Justice’s (DOJ) request to extend CZ’s prison sentence. The DOJ had attempted to increase Zhao’s sentence from 18 months to 3 years, claiming that he was involved in illegal activities related to cryptocurrency transactions. But Judge Jones expressed skepticism about the DOJ’s argument, highlighting the lack of evidence showing Zhao was aware of any wrongdoing.
During the hearings, Judge Richard Jones rejected the Justice Department’s request for a sentence increase, saying there was insufficient evidence linking Zhao to illegal activities. The judge noted that there was no indication that Zhao was made aware of any illegal conduct. He therefore disputed the DOJ’s claim that Zhao was aware of such activities. The reporter who watched the hearing live announced the development with the following post:
Judge Richard Jones said he did not accept the Ministry of Justice’s request for a sentence increase that would increase the sentence from 18 months to 3 years: “There is no evidence that the defendant was made aware of the illegal activities.
The Ministry of Justice’s claim and the defense of the Binance founder
The Justice Department’s attorney argued that Zhao’s access to the U.S. financial system showed an intentional violation of the law. The lawyer emphasized that Zhao admitted that he was seeking forgiveness rather than permission in his efforts to establish the world’s largest cryptocurrency exchange. The defense team representing Zhao did not seek house arrest. But he offered probation as an alternative to incarceration. Lawyers highlighted Zhao’s cooperation and acceptance of responsibility as factors that should be taken into account in sentencing.
Correction: CZ’s team did not ask for house arrest, just suggested it as an option. The main request was for parole.
Decision and its impact on crypto regulation
The outcome of this criminal decision has broader implications for the enforcement of financial regulations in the cryptocurrency industry. The Justice Department’s argument that Zhao’s case sets a precedent for regulatory enforcement underscores the importance of this legal fight. Meanwhile, the Judge will hear the arguments of all parties involved before the final decision.
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