- The DoJ has proposed a lengthy sentence for former Binance CEO Changpeng Zhao.
- On Tuesday, the DoJ filed for Zhao to spend 36 months in prison.
- According to the DoJ, a severe punishment will serve as a deterrent to other potential offenders.
The U.S. Department of Justice (DoJ) has proposed a lengthy sentence for former Binance CEO Changpeng Zhao. In a recent filing, the DoJ asked the court to sentence Zhao to 36 months imprisonment in addition to a $50 million fine.
According to the DoJ, Zhao’s sentencing should be for his role while the crypto exchange violated U.S. sanctions and money laundering laws. Tuesday’s filing by the DoJ noted that the punishment will serve as a deterrent to Zhao and the rest of the world.
Meanwhile, the DoJ emphasized that Zhao reaped vast rewards from violating U.S. laws, noting that he must pay a significant price for his crime. The DoJ believes a severe punishment for Zhao will discourage individuals and businesses tempted to build fortunes for themselves by violating U.S. laws.
Zhao’s offense attracted a punishment of up to 18 months following his plea agreement. The DoJ on Tuesday asked the court to review the condition, considering the “massive” scope and ramifications of the former CEO’s misconduct. Hence, the suggestion to jail Zhao for three years, in addition to the $50 million fine already agreed between the prosecution and Zhao’s defense team.
The court initially scheduled Zhao’s sentencing for late February before postponing it by mutual agreement to April 30. The former CEO has remained in the U.S. since his initial court appearance in Seattle, Washington, unable to return to his partner and some of his kids living in Dubai.
Binance pleaded guilty alongside Zhao in the ongoing case. The renowned crypto exchange agreed to pay a substantial fine and report to a court-appointed monitor.
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