Creative Translation: “Sentencing Hearing for Former Binance CEO CZ Scheduled at the End of the Month, Expected Sentence Range 12-18 Months”

Creative Translation: "Sentencing Hearing for Former Binance CEO CZ Scheduled at the End of the Month, Expected Sentence Range 12-18 Months"

Creative Translation: "Sentencing Hearing for Former Binance CEO CZ Scheduled at the End of the Month, Expected Sentence Range 12-18 Months"

In November 2023, Changpeng Zhao was charged by the Department of Justice for failing to effectively maintain an Anti-Money Laundering (AML) program during his tenure at Binance and violating the Banking Secrecy Act. As part of a plea agreement, Changpeng Zhao resigned from his position as CEO, and both the cryptocurrency exchange and Changpeng Zhao agreed to pay a settlement of $4.3 billion to resolve civil liabilities in the United States. Meanwhile, Judge Richard Jones of the Western District of Washington is expected to hear statements from the prosecutor and Changpeng Zhao’s lawyers at the sentencing hearing on April 30, 2023, and make a ruling on Changpeng Zhao’s sentence.

The sentencing guidelines in the United States recommend a sentence of 12 to 18 months for the charges he faces, but the U.S. government still has the right to argue for a maximum sentence of up to ten years.

Moe Vela, former executive assistant to Vice President Joe Biden, stated that U.S. authorities may try to “send a message” to illegal participants in the cryptocurrency field through this case, regardless of whether the judge imposes a severe punishment on Changpeng Zhao. However, he speculated that due to Changpeng Zhao’s cooperation and guilty plea, he may receive a “lenient treatment” from the judge.

Former Assistant U.S. Attorney for the Eastern District of New York, Mark Bini, stated in an interview that, unlike the criminal case against SBF, Changpeng Zhao’s case is more like a “regulatory violation” and therefore would not be subject to overly heavy penalties. However, he added that the events surrounding Hamas’ attacks on Israel may somehow affect the judge overseeing Changpeng Zhao’s sentencing.

Following the Hamas attacks, there have been reports of cryptocurrencies being used to fund terrorist organizations. These allegations may be related to the previous accusations against Changpeng Zhao for failing to maintain the AML program as CEO of Binance. Mark Bini stated:

Since pleading guilty, Changpeng Zhao has been restricted to certain areas in the United States, with his bail set at $175 million. Despite multiple requests from Changpeng Zhao’s legal team to allow him to visit his family in the United Arab Emirates before the hearing, they have been denied by the judge.