Changpeng Zhao (CZ), the founder of Binance, was sentenced to 4 months in prison this morning, which is significantly lower than the previous request from the Department of Justice. Earlier, CZ also expressed his gratitude for everyone’s support in a post on X.
Background:
What did CZ say in court when he was sentenced to 4 months in prison?
Changpeng Zhao (CZ), the founder of Binance, attended a sentencing hearing at the US District Court in Seattle at midnight on May 1st (April 30th in US time). After several hours of trial, Judge Richard Jones ultimately sentenced him to 4 months in prison, which is much lower than the previous request from the Department of Justice (the prosecutor requested a 36-month sentence).
CZ’s first statement after the sentencing:
The exact date and location of his imprisonment will be announced separately by the Bureau of Prisons and the Probation Office. CZ also expressed his gratitude for everyone’s support in a post on X at around 8:30 in the morning.
CZ’s statement in court:
Basically, despite the prosecutor’s repeated requests for a harsher sentence in order to achieve the deterrent effect and reflect the severity of the crime, Judge Jones refused multiple times. Additionally, he mentioned that he had read the 161 letters submitted by CZ’s family and friends, and the evidence he saw had mitigating factors.
Of course, the judge also mentioned that as the CEO of Binance, CZ is responsible for not fulfilling the anti-money laundering procedures, as this could have significant implications for money laundering activities, including drug trafficking and terrorism.
When it was CZ’s turn to make a statement, he acknowledged the mistakes he had made in the past and expressed that he fully understands the importance of having a sound KYC/AML program. He stated that he has been trying to rectify this issue and has instructed Binance to cooperate with the US government.
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