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Home»TRADING NEWS»Changpeng ‘CZ’ Zhao gets prison sentence reduced as judge rejects DOJ request
TRADING NEWS

Changpeng ‘CZ’ Zhao gets prison sentence reduced as judge rejects DOJ request

By Crypto FlexsMay 1, 20242 Mins Read
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Changpeng ‘CZ’ Zhao gets prison sentence reduced as judge rejects DOJ request
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  • The judge differed from the DOJ’s 36-month proposal.
  • Some expect the judge to impose a sentence of 10 to 16 months.
  • Changpeng ‘CZ’ Zhao was charged with violating the Bank Secrecy Act.

In a major turn of events, the sentencing hearing for Binance’s former CEO Changpeng ‘CZ’ Zhao took a surprising twist.

Judge Richard Jones signaled a move away from the harsh sentences proposed by the U.S. Department of Justice (DOJ) in favor of a more lenient approach.

Judge Jones Aims for Lenience

In an ongoing court hearing, Judge Jones expressed skepticism about the Justice Department’s push for a longer prison sentence, deciding instead to follow recommendations made by the Probation Office.

The recommendation suggests a prison sentence of 10 to 16 months for Zhao, a stark contrast to the 36 months requested by the Justice Department.

Zhao’s guilty plea and community support

Zhao’s legal troubles stemmed from his guilty plea to charges of violating the Bank Secrecy Act and his resignation from the Binance.US board of directors.

After Changpeng ‘CZ’ Zhao pleaded guilty, he received widespread support from the cryptocurrency community, with family and friends supporting him and sending him letters of support.

How Zhao’s Sentencing Affects Binance

The outcome of Zhao’s sentencing has significant implications, especially for Binance, the cryptocurrency exchange he co-founded.

Zhao’s conviction could potentially impact the French outpost, of which he retains full ownership, making it difficult for Binance to pursue a European license under Markets in Cryptocurrency Assets (MiCA) regulations until 2025. there is.


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