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Binance Founder CZ Could Be Sentenced to Years in Prison Tomorrow

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Mon, 29/04/2024 - 19:31
Binance Founder CZ Could Be Sentenced to Years in Prison Tomorrow
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Changpeng Zhao, the founder of crypto giant Binance, is set to be sentenced on Tuesday, potentially facing years in prison.  

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Last week, the US Department of Justice requested 36 months behind bars for the former Binance boss. 

In its sentencing memo, the DOJ stressed that "breaking U.S. law was critical to the company’s success and profitability." The prosecutors state that his violation of the law was "no accident or oversight."

"Zhao bet that he would not get caught, and that if he did, the consequences would not be as serious as the crime. But Zhao was caught, and now the Court will decide what price Zhao should pay for his crimes," the memo said. 

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It is worth noting that the controversial entrepreneur pleaded guilty to multiple criminal charges last year while also stepping down from his role as the CEO of the Binance exchange. Binance also had to fork out a massive $4 billion fine. 

At the same time, Binance's lawyers are pushing for probation. CZ has also penned a letter, in which he apologized for his missteps and asked for forgiveness. 

Industry observers believe that CZ is unlikely to get a prison sentence. For instance, former BitMEX CEO Arthur Hayes was sentenced to two years of probation back in May 2022 after facing up to a year behind bars for violating the Bank Secrecy Act (BSA). 

Polymarket users see a 40% chance of CZ spending less than six months behind bars. Only 3% of users believe that he could be jailed for 36 months or more.   

In March, former FTX CEO and CZ nemesis Sam Bankman-Fried was sentenced to as many as 25 years behind bars after being found guilty of multiple counts of fraud. 

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