Ex-Binance chief set for sentencing in US court

📆 4/30/2024 3:24 AM
📰 rtenews

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US federal prosecutors are calling for ex-Binance chief Changpeng Zhao to be sent to prison when he appears today for sentencing on money laundering charges.

Mr Zhao, a Canadian, resigned from his post at the world's largest cryptocurrency exchange platform late last year as part of a deal with US authorities.

Prosecutors want a judge to make Mr Zhao pay a $50 million fine and spend three years behind bars for a crime that typically results in probation, according to a court filing. Attorneys for Mr Zhao countered in a filing that being punished with probation is just, appropriate, and in line with legal precedent.

Binance was created in 2017 and cornered much of the crypto-trading market, turning its founder and chief executive Mr Zhao into a billionaire. The volatile industry surged in 2021 with a range of complex products and celebrity endorsements propelling it to a valuation in excess of $3 trillion in 2022.

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