US Prosecutors Seek 36-Month Jail Term for Binance Founder

As the sentencing date for Binance founder Changpeng “CZ” Zhao approaches on April 30, US prosecutors are advocating for a 36-month prison term for the former CEO, who pleaded guilty to money laundering charges in November 2023.

In a court filing submitted to the US district court for the Western District of Washington on April 23, prosecutors argued that Zhao’s deliberate violation of US laws warrants a significant sentence. They emphasized that a 36-month term, along with a $50 million fine, is appropriate to address the severity of his offenses and fulfill the objectives of sentencing under relevant statutes.

Zhao stepped down from his role as CEO of Binance following his guilty plea, and he also faced a $50 million fine, along with substantial penalties imposed on Binance itself.

Although federal sentencing guidelines suggest a maximum 18-month prison term for Zhao, he agreed not to appeal any sentence of up to that duration. Currently out on a $175 million bond, Zhao and Binance agreed to pay $4.3 billion in fines to resolve the criminal case, enabling Binance to continue operations under US regulatory compliance.

Despite relinquishing his position at Binance, Zhao remains active in the cryptocurrency sector. He recently announced the launch of Giggle Academy, an educational initiative focused on crypto and blockchain, aimed at children aged two to three years, with an emphasis on fun and positive learning experiences.