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- CZ’s 4-month prison sentence
- Judge Richard Jones noticed a sort of positive demeanor from CZ’s conduct throughout the years.
- Ended up taking little of what the prosecutors were proposing
- The Department of Justice wanted CZ behind bars for 3+ years
- Well, CZ was ready to serve his time.
Changpeng Zhao, the former Binance executive thanked his supporters on X few hours after a Seattle courtroom sentenced him to four months in Jail.
Related: The Trials of Changpeng Zhao: From Crypto Success To 36 Months Imprisonment
Best known as CZ, he said he had been looking forward to concluding this phase of his life and focus on the next stage which will involve work in education. As per his X post, Zhao said he would remain a passive hodler and investor in the cryptocurrency industry.
Most likely, his education work will take place through the Giggle Academy, a venture he announced back in March 2024, a few weeks before yesterday’s court hearing.
In addition, the former CEO hailed Binance and praised its diligence and commitment to user funds throughout the proceedings. The important thing here is for funds to remain safe, and for the company to protect users, moreover he said, “Compliance is super important”
Money Laundering Charges and Allegations of Fraud
Changpeng Zhao pleaded guilty to charges of money laundering in 2023 after federal prosecutors blamed the Binance corporate culture that was streamlined towards growth while ignoring fraud prevention. As a result, he stepped down from his position as Chief Executive Officer and paid a hefty fine of $50 million.
The United States Department of Justice asked the court for a 3-year sentence for CZ stating the severity of his crimes was subject to enhanced sentencing guidelines. As per prosecutors, his sentencing was going to serve as a message to bad actors in the future, and therefore, had to be the most appropriate one in the history of crypto legal procedures.
The Sentence wasn’t that Heavy for the Former Binance Executive
However, the District Judge disagreed with the prosecutors and went with a recommendation from the office of federal probation. As a result, the cryptocurrency billionaire will receive credit for time already served and as little as 4 months behind bars.
Richard Jones, the U.S. judge who delivered the sentence took none of what the prosecution said and told the court, “To be honest with you, sir, everything I see about your history and characteristics are of a positive and mitigating nature.”
More Info:
- Top Crypto Court Cases to Watch Post-SBF Sentencing
- Hedge Fund Closes Operations After Losing Funds in the FTX Exchange
- The U.S. Justice Department Charged Three Individuals For $400M FTX Hack
- FTX and Alameda Research Transfer $10.8M to Binance, Coinbase, and Wintermute
Once Zhao completes his sentence, he will be able to continue with his pursuit of quality online education for first graders to high schoolers through the Giggle Academy. The academy’s mission is to provide accessible, addictive, and adaptive free basic education to underprivileged kids across the world.
He also thanked everyone who showed support, be it in writing letters or showing their care on X or through any other channels. The former executive emphasized that all these people mean a lot to him and have played a bigger role in making him strong.
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