U.S. prosecutors on Tuesday recommended an above-guidance, 36-month sentence for former Binance CEO Changpeng Zhao.
Zhao should serve a higher sentence than suggested under advisory guidelines to “reflect the gravity of his crimes,” prosecutors said.
Zhao stepped down as Binance’s CEO in November last year after reaching a plea deal with the U.S. Department of Justice.
U.S. prosecutors are seeking an above-guidance sentence of 36 months for the former CEO of cryptocurrency exchange Binance on charges of enabling money laundering, according to a sentencing memorandum out late Tuesday.
The memorandum, which was filed with the court for the western district of Washington, states that Zhao should serve a higher sentence than suggested under advisory guidelines to “reflect the gravity of his crimes.”
Under advisory guidelines, Zhao’s sentencing would come in at a range of 12 to 18 months in prison.
“A custodial sentence of 36 months — twice the high end of the Guidelines range — would reflect the seriousness of the offense, promote respect for law, afford adequate deterrence, and be sufficient but not greater than necessary to achieve the goals of sentencing,” U.S. prosecutors said.
The case against Binance Founder Zhao raises questions about the accountability of cryptocurrency industry leaders. Despite the controversy, Binance continues to operate and dominate the cryptocurrency exchange landscape. The outcome of Zhao’s legal battle could have significant implications for both Binance and the wider crypto community.
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