Search
Search

Ex-Binance CEO Could Be Sentenced To 10 Years In Prison, According To DOJ

0
0

251 Listen to this article In a recent development, the Department of Justice (DOJ) has suggested that Changpeng Zhao (CZ), […]

Latest News

Listen to this article

In a recent development, the Department of Justice (DOJ) has suggested that Changpeng Zhao (CZ), the founder of Binance, could potentially face up to ten years in prison as a result of his exchange’s historic legal settlement. This statement from the DOJ has come amid an ongoing debate about whether CZ poses a “flight risk” and whether he should be required to remain in the United States while on bail. CZ’s legal team has argued that his sentence will be relatively brief, providing no incentive for him to flee. However, the DOJ has indicated that the actual sentence might be much longer than CZ’s attorneys claim.

According to the Department of Justice, they expressed that the upper limit of the Guidelines range might extend to 18 months, and the U.S. has the flexibility to advocate for a sentence anywhere within the statutory maximum of ten years. This information was disclosed in their filing released on Friday evening.

During CZ’s plea hearing last week, Magistrate Judge Brian Tsuchida granted him release from custody on a $175 million personal recognizance bond. Additionally, CZ was allowed to spend his term in the United Arab Emirates (UAE) until 14 days prior to his sentencing, scheduled for February 23, 2024, with this change taking effect on Monday at 5 pm ET.

DOJ prosecutors raised concerns about the efficiency of the bond agreement, contending that they might not be able to secure the bond if CZ were to leave the country, as most of his assets are located outside the United States.

Read Also:  Crypto Prices Update: BTC Reaches $70K, ETH Crosses $3600, PEPE & JUP Rally

In response, CZ’s attorneys argued that forcing him to remain in the United States would prevent him from looking after his family and spending time with them before his sentencing. However, the DOJ pointed out that this could actually increase the likelihood of CZ attempting to evade authorities, making his sentence more significant.

The DOJ also highlighted the fact that CZ has fewer ties to the United States compared to the UAE, where he holds wealth, citizenship, and has family connections. Furthermore, the UAE lacks an extradition treaty with the United States, raising concerns about the potential difficulty in apprehending him should he choose not to return.

CZ took the step of resigning as the CEO of Binance last Wednesday after pleading guilty to charges related to anti-money laundering and sanctions violations. He received a personal fine of $50 million, while Binance itself will be compelled to pay a staggering $4.3 billion in penalties, marking the largest enforcement action ever taken against a cryptocurrency platform.


FAQs (Frequently Asked Questions)

What were the charges against Changpeng Zhao (CZ) in the legal settlement?

CZ pleaded guilty to anti-money laundering and sanctions violations, leading to a significant fine and penalties for Binance.

What is the potential prison sentence CZ could face according to the DOJ?

The Department of Justice has suggested that CZ could potentially face up to ten years in prison, but the actual sentence might vary.

Why did CZ’s legal team argue against him staying in the United States during his bail term?

CZ’s legal team contended that staying in the United States would prevent him from taking care of his family and spending time with them before his sentencing

Read Also:  Bitcoin Mining Industry Is at a Crucible Moment JPMorgan Says
What was the outcome of CZ’s plea hearing?

During the plea hearing, Magistrate Judge Brian Tsuchida granted CZ release on a $175 million personal recognizance bond and allowed him to spend his term in the United Arab Emirates until just before his sentencing.

Why did the DOJ express concerns about CZ’s bond agreement?

The DOJ raised concerns about the bond agreement’s efficiency, as most of CZ’s assets are located outside the United States, potentially making it difficult to secure the bond if he were to leave the country.

You Might Also Like

0 0 votes
Article Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments

Get Latest Updates

Latest News

Web Stories

Latest News

0
Would love your thoughts, please comment.x
()
x
Scroll to Top
Bitcoin ETFs Surge as Investors Seek Exposure Coinbase, Andreessen Horowitz, and Ripple have joined forces to fund a new crypto DMM Bitcoin Hit by $305M Hack Ripple Releases 1 Billion XRP Tokens What to Expect from Bitcoin’s Price Rally in H2 2024 Trump’s MAGA Coin Soars 7% While Biden Parody Sinks Amid Ex-President’s Trial — NFTs Hold Steady Analyst Warns About Dogecoin Decline CME Denies Solana Futures Plans Amid Growing Rumors Can PEPE flip Polygon? Market cap race heats up! Why Bitcoin Price Is Down Today? Cristiano Ronaldo Launches 4th NFT Collection on Binance Amid $1B Lawsuit Coinbase Alleges SEC Dodging Howey Test in New Appeal Ethereum ETFs Granted Official Approval by SEC Crypto Whale Splurges $10.4 Million on Meme Coin PEPE SOL Price Nearing Support as On-Chain Activity Dips for Solana Penguiana Meme Coin’s Presale Achieves Success, Raising 290 SOL Solana to Bitcoin Bridge, Zeus Network, Set for Debut in Q3 2024 DeFi Lending Leader Aave Unveils V4 Protocol Overhaul MicroStrategy (MSTR) Incurs Losses in Q1 After Digital Asset Impairment Takes Toll Upbit Emerges as Top Five Crypto Exchange, Posing Challenge to Binance, Coinbase