Highlights
- Family members have come out in favor of Binance founder CZ (Changpeng Zhao) despite his impending prison term.
- The founder of Binance is currently free on a $175 million bail bond.
- The DOJ's lawsuit with the U.S. Federal Court in Seattle to seek a 36-month prison sentence for Binance founder CZ on claims of breaching the anti-money laundering laws (AML) on U.S. grounds was highlighted by former SEC official John Reed Stark.
Binance Founder CZ (Changpeng Zhao) has garnered support from his family members amid the upcoming prison sentence. According to Wu Blockchain, several significant family members of CZ, including his wife, two children enrolled in US institutions, and his sister, a former managing director at Morgan Stanley, were made public for the first time among the 161 letters of support for him.
Binance Founder CZ to Likely Get 36 Months Prison
As reported earlier, Binance founder CZ is currently in great trouble. Allegedly, while operating on U.S. soil, Binance provided aid to recognized terrorist organizations, such as Hamas, al Qaeda, and the Islamic State of Iraq and Syria, or ISIS, as well as unlicensed and illegal money transmission. This has caused a stir in the cryptocurrency world as people speculate about why US authorities chose to sentence Binance founder CZ to 36 months in prison.
Read Also: Peter Schiff Predicts Bitcoin (BTC) $60K Support Won’t Hold
As previously stated, new international publications highlight the U.S. prosecutors’ fervent desire to pursue a 36-year prison sentence for Zhao. Zhao is under increased scrutiny because of the response he is receiving from the worldwide crypto community, and there are expectations that CZ will be sentenced to prison on April 30.
The founder of Binance is currently free on a $175 million bail bond. However, in a subsequent hearing, U.S. prosecutors contended that “a sentence of 36 months is warranted given the magnitude of Zhao’s willful violation of U.S. law and its consequences.”
Recommended Articles
John Reed Stays in Favor of Binance Founder CZ Prison Term
The DOJ’s lawsuit with the U.S. Federal Court in Seattle to seek a 36-month prison sentence for Binance founder CZ on claims of breaching the anti-money laundering laws (AML) on U.S. grounds was highlighted by former SEC official John Reed Stark. The SEC veteran called attention to Zhao’s upcoming April 30 sentencing, noting that Reed will be tougher on CZ’s involvement in Binance’s facilitation of criminal activity.
Serious questions about Binance’s operational integrity were raised by this purported contempt for legal obligations and noncompliance with US financial regulations. “The seriousness of Zhao’s offenses should be reflected in his sentence, the SEC veteran said. He continued “Financial institutions are the first line of defense for the U.S. financial system.
Read Also: Pro-XRP Lawyer Slams Judge Torres’ Interpretation Of ODL Sales
- Bitcoin Price: BTC To Face $1.4 Billion Liquidation If Price Jumps To This Level
- Solana Next in Line After Ethereum ETF Approval: Matrixport Co-founder
- Bitcoin News: Stacks Co-Founder Unveils New BTC Restaking Protocol Plan
- Crypto Rally: Top Reasons Why Bitcoin, ETH, XRP, DOGE Prices Are Rising
- Pepe Coin Trader Who Made 107,000x Profit Shifts Focus To This Coin
- Toncoin Price Forecast Hints a Risk of 25% Fall Amid Emerging Double Top Pattern
- Navigating the Upcoming Crypto Earnings Calendar: Bitcoin Price Explosive Rally To $100,000 Imminent?
- Turning $5,000 Into $500,000 By December With 4 Solana Meme Coins To Buy
- Litecoin Price Analysis: LTC Eyes $100 Mark Amidst Strong Whale Accumulation
- Ethereum Price Analysis: ETH To $4,000 While Ethereum ETF Approval Beckons?