In a significant development in the court case involving former Binance CEO Changpeng ‘CZ’ Zhao, Judge Richard Jones ruled in favor of a reduced prison sentence during the sentencing hearing.
The United States Department of Justice (DOJ) had initially proposed a harsh sentence of 36 months in prison. However, the judge chose to consider the Probation Office’s more lenient recommendation, which suggested a period of incarceration of 10 to 16 months.
Changpeng Zhao admitted his guilt to a single count of violating the Bank Secrecy Act, which led to his resignation as an advisor to Binance.US. The cryptocurrency community reacted promptly, offering broad support to Zhao. Many family and friends sent letters of support, reinforcing his integrity and contributions to the sector.
The impact of this case for Binance is undeniable, especially considering its implications for the company’s future operations in Europe. Zhao holds full control over Binance’s French outpost, a crucial point for obtaining a European license under Markets in Crypto Asset (MiCA) regulations, which will be implemented by 2025.
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Source: https://portalcripto.com.br/changpeng-zhao-obtem-reducao-de-pena-apos-julgamento-em-tribunal-estadunidense/
