MultiversX Tracker is Live!

Changpeng ‘CZ’ Zhao faces reduced jail time as judge rejects DOJ request

CoinJournal

Cryptocoins News / CoinJournal 52 Views

  • The judge has diverged from DOJ’s 36-month proposal.
  • Some believe the judge is leaning towards a 10 to 16-month sentence.
  • Changpeng ‘CZ’ Zhao is accused of violating the Bank Secrecy Act.

In a pivotal turn of events, the sentencing hearing for Changpeng ‘CZ’ Zhao, the former CEO of Binance, has taken a surprising twist.

Judge Richard Jones has signalled a departure from the harsh sentencing proposed by the United States Department of Justice (DOJ), favouring a more lenient approach.

Judge Jones leans towards leniency

In the ongoing court hearing, Judge Jones expressed scepticism towards the DOJ’s push for a lengthy prison sentence, opting instead to align with the recommendation put forth by the Probation Office.

This recommendation suggests a jail term of 10 to 16 months for Zhao, a stark contrast to the 36 months sought by the DOJ.

Zhao’s guilty plea and community support

Zhao’s legal woes stem from a one-count charge of violating the Bank Secrecy Act, to which he pleaded guilty and resigned from Binance.US board.

After Changpeng ‘CZ’ Zhao’s admission of guilt, he garnered widespread support from the crypto community, with family and friends rallying behind him and sending letters of support.

What Zhao’s sentencing mean for Binance

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

With Zhao’s conviction potentially affecting the France outpost, where he maintains full ownership, Binance’s pursuit of a European License under Markets in Crypto Asset (MiCA) rules by 2025 could face hurdles.

The post Changpeng ‘CZ’ Zhao faces reduced jail time as judge rejects DOJ request appeared first on CoinJournal.


Get BONUS $200 for FREE!

You can get bonuses upto $100 FREE BONUS when you:
πŸ’° Install these recommended apps:
πŸ’² SocialGood - 100% Crypto Back on Everyday Shopping
πŸ’² xPortal - The DeFi For The Next Billion
πŸ’² CryptoTab Browser - Lightweight, fast, and ready to mine!
πŸ’° Register on these recommended exchanges:
🟑 Binance🟑 Bitfinex🟑 Bitmart🟑 Bittrex🟑 Bitget
🟑 CoinEx🟑 Crypto.com🟑 Gate.io🟑 Huobi🟑 Kucoin.



Comments