Binance Founder Changpeng Zhao Should Spend 3 Years in Prison, DOJ Says

Binance's founder, Changpeng "CZ" Zhao, should spend three years in prison for his role in enabling the crypto exchange to violate federal sanctions and money laundering laws. Attorneys with the DOJ filed a sentencing memo arguing he should spend 36 months in prison and pay a $50 million fine after he pleaded guilty to violating the Bank Secrecy Act last November. Hours later, Zhao's defense team filed its own sentencing memo, saying "no defendant in a remotely similar BSA case has ever been sentenced to incarceration." The DOJ argued in Tuesday's filing that "the scope and ramifications of Zhao's misconduct were massive," and so "an upward variance is appropriate here."

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