Judge Richard Jones expressed his opposition to a three-year prison sentence in a recent case. Binance, a cryptocurrency exchange, has partnered with law enforcement agencies and implemented a policy for verifying customer identities and preventing money laundering.
Changpeng Zhao (CZ), the former CEO of Binance, pleaded guilty to charges of money laundering and received a four-month jail term on Tuesday in Seattle. During his statement to the judge, Zhao expressed remorse and a willingness to take responsibility for his mistakes. The Verge reported that he also mentioned Binance’s collaboration with authorities and the introduction of a Know Your Customer (KYC) and anti-money laundering (AML) policy.
The prosecution sought a 36-month prison sentence for Zhao, alleging that he and his exchange specifically targeted American users and intentionally violated American laws. However, CoinDesk’s live coverage of the courtroom proceedings revealed that Judge Richard Jones of the US District Court for the Western District of Washington disagreed with the proposed sentence. He stated that Zhao had no knowledge of any criminal activity.
Zhao’s attorneys argued that he deeply regrets his actions and has demonstrated accountability. They urged the court to consider a probationary term. According to his legal team, Zhao’s priorities in life are his family, advancing technology (especially through Binance) for positive change, and serving the greater good. They also highlighted that Zhao is a first-time offender at the age of 47.
William Burck, Zhao’s lawyer, emphasized that his client faces threats in certain secure facilities due to his fame, wealth, and cooperation with the government.
In November, Zhao pleaded guilty and agreed to pay a $50 million fine in the United States for failing to establish an effective AML program. Additionally, Binance reached a landmark settlement, agreeing to pay $4.3 billion.
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