DOJ Requests Binance Founder Changpeng Zhao Receive 36 Months in Prison After Guilty Plea

Published on April 25, 2024

The Department of Justice (DOJ) is recommending that Changpeng Zhao, the founder of the world’s largest crypto exchange, Binance, serve 36 months in prison after he pleaded guilty to violating money-laundering laws. Federal prosecutors on Tuesday also recommended Mr. Zhao, who founded Binance in 2017, pay a $50 million fine, according to a sentencing memo filed with the U.S. District Court for the Western District of Washington. Mr Zhao’s sentencing should “reflect the gravity of his crimes,” prosecutors wrote. “Given the magnitude of Zhao’s willful violation of U.S. law and its consequences, an above-guideline sentence of 36 months is warranted,” prosecutors wrote in the filing. “That sentence, together with the agreed $50 million fine, is sufficient but not greater than necessary to balance the relevant factors and achieve the goals of sentencing.”...

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