LIVEEx-Binance CEO CZ Facing 10 Years Behind Bars
The former Binance CEO is facing a potential 10-year prison sentence for violating the Bank Secrecy Act
According to former SEC official John Reed Stark, ChangPeng Zhao (CZ), the former CEO of Binance, is now facing a potential prison sentence of up to 10 years.
The U.S. Department of Justice (DOJ) has charged and received a guilty plea from CZ for violating the Bank Secrecy Act.
The exchange also agreed to pay a massive $4.3 billion fine after being slapped with damning charges.
The DOJ's growing frustration In a recent DOJ court filing, it was disclosed that the prosecution might argue for the maximum 10-year term. This is despite the fact that legal experts initially anticipated a 12–18-month sentence for CZ. The DOJ expressed clear frustration after Magistrate Judge Brian Tsuchida allowed CZ to travel to and live in the UAE until his sentencing. This decision is contentious given CZ's billionaire status, guilty plea, and residence in a country that does not extradite to the U.S.
All eyes are on the upcoming decision regarding CZ's travel permissions. Judge Richard A. Jones is expected to review Magistrate Judge Tsuchida's bail order soon, with significant implications for CZ's ability to leave the U.S. before sentencing.
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