Support from Family: Binance Founder CZ (Changpeng Zhao) Gains Backing from Relatives before Prison Term
Binance Founder CZ to Likely Get 36 Months Prison
Previously announced, Binance founder CZ is currently facing serious accusations. It’s claimed that while Binance was active on U.S. territory, the platform supported terrorist organizations like Hamas, al Qaeda, and ISIS, along with unauthorized and illicit money transfers. This news has sparked controversy in the cryptocurrency community, leaving many to ponder why US law enforcement decided to give Binance founder CZ a 36-month prison sentence.
Previously mentioned reports emphasize the determination of U.S. prosecutors to seek a 36-year prison term for Zhao. Due to the attention he is garnering from the global crypto community, Zhao’s situation is under closer examination. Anticipation is high that CZ will be sentenced to imprisonment on April 30.
The founder of Binance, Zhao, was released on a $175 million bond after being arrested. However, during a later court hearing, U.S. prosecutors argued for a 36-month sentence due to the significant impact of Zhao’s intentional violation of American law.
John Reed Stays in Favor of Binance Founder CZ Prison Term
John Reed Stark, a former SEC officer, drew attention to the DOJ’s ongoing legal action against Binance founder CZ in Seattle’s Federal Court. The DOJ is pushing for a 36-month prison term for Zhao due to allegations of AML violations on U.S. soil. Reed emphasized the significance of this upcoming April 30 sentencing, suggesting that he may take a firm stance against CZ’s role in Binance’s facilitation of illegal activities.
Concerns about Binance’s business ethics arose due to allegations of disregard for legal requirements and failure to adhere to US financial regulations, according to an SEC expert. They stressed, “The gravity of Zhao’s infractions demands appropriate penalties.” Furthermore, the SEC veteran emphasized, “Financial institutions play a crucial role in safeguarding the American financial system.”
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2024-04-24 21:59