A case that everyone in the cryptocurrency world has been waiting for a long time has finally reached its conclusion. Especially today, everyone was wondering what the court would decide for former Binance CEO Changpeng Zhao, known as CZ. At the end of the hearing, CZ’s sentence became clear. Here is the punishment received by former Binance CEO Changpeng Zhao…
What punishment was given to former Binance CEO CZ in court?
First, the decline in cryptocurrencies began with the fine for stealing money received by FTX exchange founder Sam Bankman-Fried. Later, lawsuits began to be filed on Binance. One of these cases was filed against Binance founder and former Binance CEO Changpeng Zhao (CZ). In this case, CZ was accused of money laundering.
At the hearing held today, prosecutors reiterated their request for 26 months of imprisonment, as they had previously requested. However, this request was not approved by the judge, and it was emphasized that there was no evidence that CZ was informed of illegal activities.
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Towards the end of the hearing, the parole department announced that a 5-month house arrest was deemed appropriate for the Binance founder. However, CZ’s lawyers said in their defense that there was no situation that required a prison sentence.
While the outcome of the trial was a matter of curiosity for CZ, who agreed to pay a fine of $50 million from his current fortune of $33 billion, the judge decided on a 4-month prison sentence after CZ emphasized his respectful attitude towards the law.
So, what do you think about the punishment of former Binance CEO and founder CZ? You can share your thoughts in the comments.