Binance CEO Faces Three Years in Prison for Anti-Money Laundering Violations

The United States Department of Justice has requested a three-year prison sentence for the former CEO of Binance cryptocurrency exchange.

US prosecutors are seeking a three-year prison sentence for Changpeng Zhao, the co-founder and former CEO of Binance. He previously pleaded guilty to violating US anti-money laundering laws.

Prosecutors in the case argue that a three-year prison sentence would send a clear message about the severity of Zhao’s illegal actions. They also say that such a sentence would send an important message: “The right thing to do is always to follow the law.”

According to Reuters, lawyers for the former Binance CEO have requested probation. The judge is scheduled to issue his final ruling on April 30.

Zhao, 47, who was once considered one of the most powerful figures in the cryptocurrency industry, stepped down as CEO of Binance late last year. At the time, he and Binance admitted to breaking the law. Binance agreed to pay a $4.32 billion fine.

The US Department of Justice alleges that Binance failed to report details of over 100,000 suspicious transactions. The exchange was founded in 2017 and is now considered the largest exchange in the cryptocurrency industry.

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