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Binance Founder CZ To Spend Months In Prison, Reacts To Court Sentence

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The US District Court in Seattle sentenced Binance founder, Changpeng Zhao (CZ), to four months in prison on April 30. CZ pleaded guilty to the violation of US anti-money laundering laws during his leadership at the global leading crypto exchange.

While passing the sentence, the presiding Judge Richard Jones highlighted the outcome as “appropriate and reasonable” for the crypto mogul. Jones noted that CZ failed to comply with the laws even when he had the personnel and resources to do so.

US Court Sentenced CZ To Four Months In Prison

Judge Jone sentenced the former Binance boss to four months imprisonment in US District Court in Seattle. In his sentence hearing, the judge turned down the prosecutor’s request for a three-year sentence.

He maintained that such a jail term is considerably above the existing sentencing guidelines. Also, the judge noted the lack of evidence regarding claims about CZ’s knowledge of the exchange’s illegal activities.

Source: X Platform

While pressing on its claims, the DOJ highlighted a past case where a judge inferred a defendant’s awareness of illicit actions. Further, the prosecutor stressed that the integral of Binance’s business model reflects a constant violation of US laws.

The DOJ’s attorney stressed that exempting CZ from incarceration as punishment would ridicule the Bank Secrecy Act (BSA). Moreover, the prosecutor stated that Binance and CZ only started complying with regulatory rules after being caught. So, the crypto mogul didn’t deserve a probation sentence which the defendant’s attorney pushed for.

Regarding CZ’s status, Judge Jones emphasized the supremacy of the law, noting that no one is above the law.

With a net worth of about $33 billion, Zhao will become the richest US inmate in history. Also, he is now the second prominent crypto boss to face a jail term in the industry.

In March, FTX co-founder and former CEO, Sam Bankman-Fried (SBF) got a 25-year jail term. Though currently appealing his conviction and sentence, SBF was sentenced for defrauding $8 billion from FTX’s customers.

CZ Reacts After His Sentence Terms

The former Binance boss CZ has reacted to his jail sentence. He took to X to appreciate those who stood by him before and through his court proceedings.

CZ got about 161 letters of encouragement from different people. These include friends, family members, colleagues, business associates, government, employees, community leaders, acquaintances, Binance volunteers, industry professionals, and others.

Binance’s boss promised to diligently do his prison time which he sees as a phase in his life. Moreover, he mentioned moving to the next chapter of his life after serving the term.

Regarding his visions after prison, CZ pointed out focusing on education. Also, he noted that he will continue in crypto as a passive investor and holder.

CZ stated: “I will remain a passive investor (and holder) in crypto. Our industry has entered a new phase. Compliance is super important.

Source: X Platform CZ Binance

Conclusively, the crypto mogul noted that Binance will continue to uphold the right regulatory standards despite being under the radar. Also, he reassured the exchange’s customers safety of their money, saying “funds are SAFU.”

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