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Coin World Storm: CZ May Face Three-Year Prison Sentence?

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Post time 4-5-2024 12:41:26 | Show all posts |Read mode
Have you heard about this case? Zhao Changpeng, the founder of Binance (everyone calls him CZ), might be facing three years in prison! The US Department of Justice is actually suggesting such a heavy penalty, along with a $50 million fine! Honestly, I'm a bit shocked.

Last November, Binance reached a settlement agreement with the US Department of Justice, the Commodity Futures Trading Commission (CFTC), and others, admitting to a bunch of charges and agreeing to pay a $4.3 billion fine. CZ also posted a $175 million bail. But after waiting for several months, the verdict is finally coming at the end of this month, April 30th. The proposal from the US Department of Justice is no joke; they're saying CZ violated US banking secrecy laws, and he should be sentenced to 36 months in prison, along with a $50 million fine. They're saying this isn't just about CZ; it's a signal to the whole world that if you dare to break the law for money, the consequences won't be trivial!

Originally, according to CZ's plea agreement, he could have been sentenced to a maximum of 18 months in prison. But the Department of Justice says the consequences of CZ's actions were too severe, warranting a longer sentence, hence the heavy penalty. According to the US sentencing guidelines, CZ could face 12 to 18 months in prison. But the judge has the power to decide on a longer sentence. They also accused CZ in the memorandum of failing to properly implement anti-money laundering measures at Binance, leading to a slew of illegal activities on the platform. CZ's defense lawyers have also spoken out. They say CZ didn't know and wasn't explicitly informed about criminal transactions on Binance. And even if there were, it was only a small part, almost negligible. They emphasized that CZ should be given probation because he won't reoffend, and there's no risk of him doing so.
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Post time 4-5-2024 12:45:11 | Show all posts
If you ask me, sentencing him to ten years doesn't seem unjust at all.
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Post time 4-5-2024 12:48:49 | Show all posts
There still needs to be a significant punishment.
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