During the sentencing on April 30, Zhao made a court appearance. While the Department of Justice (DOJ) sought a three-year prison term, his defense argued against any jail time.
Judge Richard Jones dismissed the Justice Department’s plea to extend Zhao’s sentence, citing lack of evidence that he was aware of the specific illegal activities on Binance. Despite DOJ’s push for a 36-month term, the judge upheld his decision against it.
The judge expressed gratitude to the prosecution for their extensive report and offered a potential sentence prediction. Jones indicated alignment with several aspects of the prosecution’s stance.
In November of last year, Zhao and Binance admitted guilt to breaching U.S. anti-money laundering and sanctions laws. In a comprehensive agreement with the authorities enabling Binance to remain operational, Zhao consented to resign as CEO and pay a $50 million fine. Additionally, Binance was tasked with a $4.3 billion obligation.
The creator of the largest cryptocurrency exchange globally pledged $175 million in bail to stay out of custody until sentencing. Back in November 2023, U.S. prosecutors sought to prevent Zhao from leaving the country until trial, claiming he could use his assets to live luxuriously indefinitely.
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