Binance founder Changpeng Zhao faces sentencing; US seeks 3
SEATTLE (AP) — Changpeng Zhao, the founder of Binance, the world’s largest cryptocurrency exchange, faces sentencing Tuesday in a Seattle courtroom, where U.S. prosecutors are asking a judge to give him a three-year prison term for allowing rampant money laundering on the platform.
Zhao pleaded guilty and stepped down as Binance CEO in November as the company agreed to pay $4.3 billion to settle related allegations. U.S. officials said Zhao deliberately looked the other way as illicit actors conducted transactions that supported child sex abuse, the illegal drug trade and terrorism.
“He made a business decision that violating U.S. law was the best way to attract users, build his company, and line his pockets,” the Justice Department wrote in a sentencing memorandum filed last week.
Zhao’s attorneys, insist he should receive no prison term at all, citing his willingness to come from the United Arab Emirates, where he and his family live, to the U.S. to plead guilty, despite the UAE’s lack of an extradition treaty with the U.S. No one has ever been sentenced to prison time for similar violations of the Bank Secrecy Act, they said.
Related articles
- SEOUL, South Korea (AP) — Samsung Electronics on Tuesday reported a 10-fold increase in operating pr2024-05-01
Mining giant BHP Billiton makes $39 billion bid for Anglo American to expand copper operations
LONDON (AP) — Shares in U.K.-based mining giant Anglo American surged Thursday after it received a 32024-05-01Why they call Ryan Giggs 'the Welsh Wanderer': Football ace had eight
In the beautiful game, he won it all, but it when it comes to love, he's had more losers than winner2024-05-01Tiger Woods' son Charlie shoots +9 in US Open qualifying as 15
Charlie Woods' attempt to qualify for the US Open failed on Thursday after he shot a nine-over-par 82024-05-01Goldman Sachs upbeat on A shares
Goldman Sachs, a global investment banking, securities and investment management firm, sees double-d2024-05-01These are the countries where TikTok is already banned
LONDON (AP) — TikTok is in the crosshairs of authorities in the U.S., where new legislation threaten2024-05-01
atest comment