Changpeng Zhao, the co-founder of Binance, is facing a possible three-year prison sentence following his guilty plea to violations of the Bank Secrecy Act. The charges against Zhao include allowing Binance to bypass federal sanctions and money laundering laws by enabling users to create accounts with just an email address for cryptocurrency-only transactions. His sentencing is scheduled for tomorrow in a federal court in Seattle, presided over by Judge Richard A. Jones. The Department of Justice has recommended a three-year term, but Judge Jones has expressed skepticism about enhancing the sentencing guidelines to this length, citing a lack of evidence that Zhao was aware of the illegal activities. Probation's recommendation leans toward a 12-point sentence.
Binance's founder will follow Bankman-Fried to prison—but their fates couldn't be more different. https://t.co/XeiQJ060Cq
Correction: Changpeng Zhao pleaded guilty to failing to maintain an effective anti-money laundering program, and the company he founded admitted to unlicensed money transmitting and sanctions violations. Zhao's sentencing hearing continues. Coverage on KOMO-TV
CURRENT COURTROOM TAKEAWAYS: - US govt case seems weak, more of an attack on CZ rather than Binance - Judge is forcing the US govt to argue why double the recommended sentence is being requested - CZ's philanthropic impact has been a mark in his favor - Judge has praised CZ's… https://t.co/OAoO81Pumy
🚨 BREAKING 🚨 THE JUDGE IS VERY SKEPTICAL OF THE DOJ'S ARGUMENTS FOR A LONGER SENTENCE FOR CZ THINGS ARE LOOKING GOOD FOR CZ
JUST IN: The judge remains skeptical of the DOJ's plea for a longer sentence for @cz_binance, pressing for specific legal precedents.
🚨 Judge Jones leans toward probation's 12-point sentence for CZ (10-16 months prison, 1-3 years supervision). Awaits arguments from DOJ, defense, and defendant before deciding, according to @nikhileshde
JUST IN: Judge Jones rejects DOJ's push for harsher sentence (18 months to 3 years) for @cz_binance, citing lack of evidence defendant knew of wrongdoing.
Binance's former CEO could be the richest US prison inmate ever if sentenced with his $43 billion fortune https://t.co/XTXi1Inqbi
Breaking: Judge Richard Jones said he does not agree with the DOJ's request for an enhancement to the sentencing guidelines that would push the sentence from 18 months to 3 years: There’s no evidence that the defendant (CZ) was ever informed of illegal activity. According…
He pleaded guilty to crimes that potentially helped international terrorists, child abusers and drug traffickers, and on Tuesday Changpeng Zhao will be sentenced in a federal court in Seattle. https://t.co/3X1tB4v4gi
TheVerge: Changpeng Zhao has entered the courtroom.He’s taking a seat with his legal team. Judge isn’t on the bench yet. CZ’s in a dark blue suit with a light blue tie, and he looks tense. Judge Richard A. Jones is attending to “a personal matter.” It will delayed until 9:30AM PT…
If you're looking for live coverage of Binance founder CZ's sentencing: https://t.co/3jLmRuNO6g https://t.co/bkTzpWCR8U
LIVE FROM COURT: CZ has arrived in the Seattle courtroom where he'll soon be sentenced in the US case against Binance. He's wearing a light blue striped tie and navy suit. The courtroom gallery is nearly full.
How likely is it that CZ will face jail time? I looked up the odds so you don't have to. https://t.co/mV4epZhNA3
Since pleading guilty in November 2023, Changpeng Zhao has networked across the US to set up his next act; sources say CZ and Sam Altman exchanged text messages (New York Times) https://t.co/zSO2n2GXYg 📫 Subscribe: https://t.co/OyWeKSRpIM https://t.co/diaeF1Dy2w
Binance's billionaire founder to find out if prison time is coming — here's what lawyers are expecting https://t.co/RNRGYTHjUH
Anyone knows when the exact time of CZ's sentencing is?
CZ to be sentenced in the US today — what to expect https://t.co/J2SsqjBk3d
Binance’s clash with the SEC is up next as CZ faces sentencing https://t.co/FROaIvZdbq
Binance founder faces sentencing for allowing money laundering, some for Hamas and Iran https://t.co/L9DPrKS1Qi
Ahead of CZ's sentencing on April 30, a look at the contrast between CZ/Binance and SBF/FTX, as Binance claims more than 40M new users in 2023, up 30% YoY (Bloomberg) https://t.co/ppW2ZzfIxu 📫 Subscribe: https://t.co/OyWeKSRpIM https://t.co/d0nigXvGV9
my dad CZ is getting sentenced tomorrow 😩 https://t.co/W9TVb1rsIS
Binance’s CZ may become the richest person ever to go to jail in the US. How did it all come to this? Read The Big Take ⬇️ https://t.co/HRc09t3A9u
Cz sentencing tomorrow?
Binance and CZ's Fortunes are set to grow -- jail or no jail: https://t.co/aX2KY7vluo by @MuyaoShen and me, edited by @Reganonymous
Binance’s CZ may become the richest person ever to go to jail in the US. How did it all come to this? Read our Big Take @crypto via @business https://t.co/Y6sSQ8m3AP
What will CZ's sentence be?
How long will CZ’s sentence be? The gamblers say: https://t.co/b5i6zsJWD0
Is CZ going to jail? Sentencing tomorrow - survey says: https://t.co/x5rJHalnGt
The sentencing is scheduled for tomorrow... An attack against CZ is an attack against the whole crypto industry. Let's hope for a good outcome 🙏 https://t.co/j4Etwe9KG2
Binance founder faces possible three-year jail term over ‘wild west’ business model https://t.co/uis5oXdXTD
ICYMI: DOJ recommends three-year prison term for Binance co-founder CZ following guilty plea to Bank Secrecy Act violations. Allegations include bypassing federal sanctions and money laundering laws. Details: ↓ https://t.co/veYblz3geR
With CZ sentencing hearing set for Tuesday let's recap what the charges stem from: In the charges against him, prosecutors describe how Binance allowed users to start accounts with nothing more than an email address, so long as they stuck to cryptocurrency-only transactions…