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Binance Founder Zhao to Be Sentenced Tuesday in Seattle for Bank Secrecy Violations

Apr 30, 2024, 11:00 AM

Changpeng Zhao, the founder and former CEO of Binance, is set to be sentenced on Tuesday in a U.S. court in Seattle by Judge Richard Jones on charges of violating the Bank Secrecy Act. The U.S. Department of Justice has recommended a three-year prison term, citing Zhao's involvement in activities that bypassed federal sanctions and facilitated money laundering. This sentencing follows Zhao's guilty plea last November and his resignation as CEO, during which Binance agreed to pay a $4.3 billion fine to settle related allegations. Over 160 letters from friends, family, and colleagues have been submitted requesting leniency for Zhao, who remains a controversial figure in the cryptocurrency industry.