U.S. Prosecutors Propose Increased Sentence for CZ
The U.S. Department of Justice is pushing for a three-year prison sentence and a $50 million fine for the former Binance CEO, Changpeng Zhao (CZ), due to violations of federal sanctions and anti-money laundering laws.
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The U.S. Department of Justice is pushing for a three-year prison sentence and a $50 million fine for the former Binance CEO, Changpeng Zhao (CZ), due to violations of federal sanctions and anti-money laundering laws.
The sentence in this case will not just send a message to Zhao but also to the world,
states the filing.
Initially, the plea agreement with the authorities recommended a sentence of up to 18 months. However, the Department now believes that recent developments and the magnitude of the offenses justify a more severe penalty, though the fine amount remains as originally agreed with CZ’s lawyers.
Previously, Changpeng Zhao had agreed to accept any sentence of up to 18 months without contest. However, given the new developments, his lawyers now have solid grounds to seek a reduction of the sentence to at least the initially agreed terms unless a new agreement is reached with the authorities.
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