Changpeng Zhao (CZ), the founder of Binance, was sentenced to four months in prison this morning, which is significantly lower than what the prosecution had requested. CZ also expressed his gratitude for everyone’s support in a post on X earlier.
(Background information:
What did CZ say in court during his sentencing hearing?)
Changpeng Zhao (CZ), the founder of Binance, attended a sentencing hearing at the US District Court in Seattle on May 1st, Taiwan time (April 30th, US time). After several hours of deliberation, Judge Richard Jones ultimately sentenced him to four months in prison, which is much lower than the Department of Justice’s previous request (prosecutors had requested a 36-month sentence).
CZ’s First Statement After Being Sentenced
The exact date and location of CZ’s imprisonment will be announced separately by the Bureau of Prisons and the Probation Office. In the morning, around 8:30 am, CZ posted on X to express his gratitude for everyone’s support.
CZ’s Statement in Court
Essentially, despite the prosecution’s repeated requests for a harsher sentence to achieve deterrence and reflect the seriousness of the crime, Judge Jones refused to comply. Additionally, he mentioned that he had read 161 letters submitted by CZ’s family and friends, and the evidence he saw suggested mitigating circumstances.
Of course, the judge also mentioned that as the CEO of Binance, CZ is responsible for failing to implement adequate anti-money laundering procedures. This could have significant implications for money laundering activities, including drug trafficking and terrorism.
When it was CZ’s turn to make a statement, he admitted to the mistakes he had made in the past and acknowledged the importance of having a robust KYC/AML program. He stated that he had made efforts to rectify this issue and had instructed Binance to cooperate with the US government.
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