Bloomberg: US Prosecutors Urge Judge to Accept Binance’s Plea Agreement, Expects Zhao Changpeng’s Sentence to Not Exceed 18 Months

Bloomberg: US Prosecutors Urge Judge to Accept Binance's Plea Agreement, Expects Zhao Changpeng's Sentence to Not Exceed 18 Months

Bloomberg: US Prosecutors Urge Judge to Accept Binance's Plea Agreement, Expects Zhao Changpeng's Sentence to Not Exceed 18 Months

Cryptocurrency exchange Binance acknowledged in November last year that it violated anti-money laundering and sanction laws and agreed to pay a $4.3 billion fine. According to Bloomberg, in a memorandum submitted to a federal court in Seattle on Friday (16th), U.S. prosecutors urged a federal judge to approve the plea agreement. The prosecutors wrote, “In short, given the nature and seriousness of Binance’s misconduct – which was deliberate and led by senior executives, involving billions of dollars in collateral consequences – the proposed penalties in the plea agreement are appropriate.” The plea agreement also requires five years of supervision for the company. Prosecutors said that Binance refused to register as a so-called money service business, which is a business that transmits or converts currency, and failed to implement effective anti-money laundering programs, making “Binance, its customers, and the U.S. financial system vulnerable to those who seek to exploit our system for their own benefit.” It is reported that Binance has admitted to allowing transactions on its platform with Hamas and other terrorist organizations, and former Binance CEO Zhao Changpeng (CZ) has admitted to money laundering and is expected to be sentenced in April this year. He faces a maximum of 10 years in prison, but according to the plea agreement, his sentence is not expected to exceed 18 months.
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Related reports: “Binance CEO Zhao Changpeng pleads guilty and steps down: may face 18 months in prison, issues a public letter bidding farewell” “Binance officially enters the ‘post-CZ era’! Why is this criminal investigation seen as a positive fundamental?” “Former Binance CEO Zhao Changpeng previously proposed using Binance.US shares as collateral to return to the United Arab Emirates.”