Binance founder should be jailed for 36 months, US prosecutors say

[Oshosondy]

The Binance founders and former CEO, Changpeng Zhao is expected to be sentenced on April 30. He pleaded guilty for money laundering last year and he paid a fine of $50 million.

The sentence may likely be 3 years.

https://cointelegraph.com/news/binance-cz-jail-36-months-us-prosecutors

[Husires]

Reports were talking about a maximum sentence of 18 months with no appeal, a year and a half in prison and he would walk free after admitting to violating US money laundering laws and paying fines. Prosecutors may try to increase this further to put more pressure on CZ, but in the end it seems that he will be imprisoned.

[goldkingcoiner]

Reports were talking about a maximum sentence of 18 months with no appeal, a year and a half in prison and he would walk free after admitting to violating US money laundering laws and paying fines. Prosecutors may try to increase this further to put more pressure on CZ, but in the end it seems that he will be imprisoned.

I feel like pleading guilty was his big mistake. There was no strong case against him in the first place. They probably pressured CZ into a guilty plea just to make an example of him.

[electronicash]

this 50m is apart from that $4B. lol how could he see himself giggling another day. that's just one case. it will pile up when they find out more. and if CZ has to get out he needs to trade something to the court. 

so why is this case different from that laundering criminal case in which he paid the fine of $4B and this pleading guilty which is going to pay $50m and then jail time as well?  if he only knew it would end up this way, calling for that Hoover Max Extract Pressure-Pro, model sixty will be a better option.

[sokani]

I feel like pleading guilty was his big mistake. There was no strong case against him in the first place. They probably pressured CZ into a guilty plea just to make an example of him.

The DOJ are pressing for 3 years to make an example of him, but it's still the judge's decision make the final verdict. If he gets 3 years, it's not the end of the world, he'll still be out. IMO, pleading guilty was the best decision. The US government had him by the balls. There are compelling evidence against CZ and Binance and there's no way he'd have escaped it. If he hasn't pleaded guilty, he'd be found guilty and definitely get a lengthy sentence.

[tabas]

Reports were talking about a maximum sentence of 18 months with no appeal, a year and a half in prison and he would walk free after admitting to violating US money laundering laws and paying fines. Prosecutors may try to increase this further to put more pressure on CZ, but in the end it seems that he will be imprisoned.

I feel like pleading guilty was his big mistake. There was no strong case against him in the first place. They probably pressured CZ into a guilty plea just to make an example of him.

I guess that his lawyer had advised him to just say that to have lesser jail time. Because if it's going to say that he's not guilty with it, it will be a longer process plus the jail time that might be longer than 3 years. Well, we'd see how the court will decide on that but even he ends up in jail, I'm sure that he's going to live like a boss there knowing that he's got a lot of money and other prisoners would treat him like a king there as well.

The US government had him by the balls. There are compelling evidence against CZ and Binance and there's no way he'd have escaped it.

Money talks but on his case, it's gonna be hard for him if it's against the US government. But if it's just like the other institutions that had filed a case against him, it will be a different story.

[Darker45]

I guess jailed here won't be literal. I don't think CZ will be sent to an actual jail. I think there are mitigating circumstances which might allow him to be placed in a possible house arrest. He admitted wrongdoing, in the first place. He was even restricted to the US and humbly complied. A huge fine was meted on him and Binance separately and he didn't resist and challenge it. I guess his submission and cooperation every step of the way will be noticed and appreciated.

[Oshosondy]

Reports were talking about a maximum sentence of 18 months with no appeal, a year and a half in prison and he would walk free after admitting to violating US money laundering laws and paying fines. Prosecutors may try to increase this further to put more pressure on CZ, but in the end it seems that he will be imprisoned.

I also think he can go to prison but it is possible that the time to spend in prison will not be up to 3 years. We thought Bankman Fried will be given up to 40 to 50 years in prison while some people said it is too short but he was sent to 25 years in jail. This can also be what will happen to CZ. And it is possible that the imprisonment time could have started since last year when he started the court case.

I feel like pleading guilty was his big mistake. There was no strong case against him in the first place. They probably pressured CZ into a guilty plea just to make an example of him.

It is possible that he did all what he was accused of and his lawyer advised him to do what he did.

[Husires]

I feel like pleading guilty was his big mistake. There was no strong case against him in the first place. They probably pressured CZ into a guilty plea just to make an example of him.

The mistake is that he traveled to the United States, after trying to manipulate FTX and refusing to buy it at the last minute, causing its bankruptcy and indirectly causing the bankruptcy of many investors. Therefore, traveling to the United States was not a wise move, especially with the allegations of money laundering that began to increase and that he runs an unregistered entity.
CZ's ambition is what landed him in prison.

[shield132]

People were comparing Changpeng Zhao to Elon Musk, that was funny.
Now it's clear that it costs 4.3 billion dollars to launder money in the USA, then you stay in jail for 3 years and you are out, walking in the sun in Miami. I know that he is guilty and it's probably good that he at least spends 3 years in jail but I don't understand why is his coin BNB rising? BNB is very bullish, went from 200 to 600 in very quickly. There is a news announced that he will face jail and BNB doesn't fall. It's also announced that it has recently been suid in Canada for securities law violations and Philippines SEC orders Apple and Google to remove Binance from their stores. BNB rises again, what the hell is Binance doing with it? I think Changpeng Zhao should spend more time in jail because he was always manipulating BNB.

[Husires]

I know that he is guilty and it's probably good that he at least spends 3 years in jail but I don't understand why is his coin BNB rising? BNB is very bullish, went from 200 to 600 in very quickly. There is a news announced that he will face jail and BNB doesn't fall. It's also announced that it has recently been suid in Canada for securities law violations and Philippines SEC orders Apple and Google to remove Binance from their stores. BNB rises again, what the hell is Binance doing with it? I think Changpeng Zhao should spend more time in jail because he was always manipulating BNB.

Changpeng Zhao is no longer the CEO of Binance, he is the founder and in theory he cannot control Binance, so BNB will not react negatively to this CZ news. The reason for the growth of BNB price is Binance Launchpool Tokens, which are bought and staking with high APY in the hope of making a good profit. But all they do is pumping BNB, which distribute back to Launchpool investors.

[yhiaali3]

Most of those looking for quick success end up in prison. It is unfortunate that this is the end of CZ, three years in prison. This is the price of the fame and quick success he achieved because the American government always pursues big personalities or services.

The positive thing about the news is that the impact of CZ on Crypto has ended. Previously, we used to find a negative reaction and a decline in the market with any news related to CZ or Binance, but now we see these news passing without any impact.

[Synchronice]

Surprise, surprise, Changpeng Zhao sentenced to four months in prison instead of 3 years (36 months). This is so ridiculous! As the US says, Binance, whose CEO was CZ, didn't report thousands of suspicious transactions that were designated with terrorist groups and it allowed the sale of child sexual abuse materials. I would expect life imprisonment for such a guy but holy moly, only 4 months for him. So, if you pay $4.32 billion penalty and $100 million on top of that, you can do whatever you want, you'll only have to spend 4 month in prison and then your sins are forgiven. What a shame, people spend life in prisons for things like smoking a weed and guys like him only spend 4 months.

Here is the source article: https://www.reuters.com/legal/binances-ceo-zhao-faces-sentencing-over-money-laundering-violations-2024-04-30/

[Rikafip]

Surprise, surprise, Changpeng Zhao sentenced to four months in prison instead of 3 years (36 months).

I don't see why is that surprise as just because prosecution asked for 36 months doesn't mean that he will automatically get that sentence, especially after he pleaded guilty.

So, if you pay $4.32 billion penalty and $100 million on top of that, you can do whatever you want, you'll only have to spend 4 month in prison and then your sins are forgiven.

In many countries (like for example my country, Croatia) people like him wouldn't spend a single day in prison let alone few months.

[dkbit98]

I don't see why is that surprise as just because prosecution asked for 36 months doesn't mean that he will automatically get that sentence, especially after he pleaded guilty.

Yeah but he looked suspiciously happy in that photo he shared, as if he made a deal with certain someone

In many countries (like for example my country, Croatia) people like him wouldn't spend a single day in prison let alone few months.

I am sure he won't be in regular prison with killers or worst kind of criminals, and if Roger Ver survived 10 months in prison than CZ can do it also.
Speaking about prisons, I hear that Finland have best conditions in the world, even sauna is provided for inmates, and rooms look more like in average hotel.
Most US prisons are not like that, and I hear Canada is also asking for CZ head.

[Rikafip]

Yeah but he looked suspiciously happy in that photo he shared, as if he made a deal with certain someone

Hm, I am not sure I know to which photo you are referring to.

I am sure he won't be in regular prison with killers or worst kind of criminals, and if Roger Ver survived 10 months in prison than CZ can do it also.

Of course he gonna spend his time in a minimum security prison. I mean, I don't like the guy but I don't think it would be the right thing to lock him up with murderers and rapists. On the other hand, I wish prison introudce hard labor during prison time, I think that would be a much better approach.

Speaking about prisons, I hear that Finland have best conditions in the world, even sauna is provided for inmates, and rooms look more like in average hotel.

Sounds similar to the way Horvatincic is serving his time. 

[Synchronice]

I don't see why is that surprise as just because prosecution asked for 36 months doesn't mean that he will automatically get that sentence, especially after he pleaded guilty.

Man did so many wrong things, helped terrorists to launder millions of dollars and this is the punishment for him? If you live in the USA and declare slightly wrong income, you might face prison. In Germany, at least in Bavaria, police is very strict, you steal chocolates in a row from supermarket and you might go to prison for up to five years. I'm dead serious.

In many countries (like for example my country, Croatia) people like him wouldn't spend a single day in prison let alone few months.

Why? Because of corruption? By the way this looks like a corruption, the difference is that stakes in the US are one of the highest.

I am sure he won't be in regular prison with killers or worst kind of criminal

A little spin-off. Did you see the image of Sam Bankman-Fried in prison? I'll be glad if both of them (CZ) spend time together with these guys Sam is poor alone, he needs CZ with him.

Speaking about prisons, I hear that Finland have best conditions in the world, even sauna is provided for inmates, and rooms look more like in average hotel.

Yes, Finland has the best conditions in the world. If I were a Finnish citizen, I would commit a crime Okay, I'm joking. Norway has good prisons too, almost the same as Finland and once I asked my Norwegian friend about this and she told me that it's because such prisons actually turn criminals into good people and when they come out of prison, they are good and educated citizens who bring 2x more back to the budget. To be honest, makes sense and statistically it works very well in both countries but not many people deserve this luxury.

[Rikafip]

Man did so many wrong things, helped terrorists to launder millions of dollars and this is the punishment for him? If you live in the USA and declare slightly wrong income, you might face prison.

Do tell me, how many years in prison did Deutsche Bank CEO got for laundering 10 billion dollars? Or they just paid the fine and went on with business as usual. 

Why? Because of corruption? By the way this looks like a corruption, the difference is that stakes in the US are one of the highest.

Because people as rich as CZ rarely go to prison for stuff like this in vast majority of countries. As a matter of fact, I read somewhere that he is the richest man ever that will end up in prison serving time.

[Z-tight]

Man did so many wrong things, helped terrorists to launder millions of dollars and this is the punishment for him? If you live in the USA and declare slightly wrong income, you might face prison. In Germany, at least in Bavaria, police is very strict, you steal chocolates in a row from supermarket and you might go to prison for up to five years. I'm dead serious.

Yeah, it is obvious that cz and binance did so many things wrong, but all of this he pleaded guilty to, paid fines and also cooperated with the authorities, all of this contributed to the light sentence. We can discuss all we want that he deserved more, but this is what the judges thought was the appropriate verdict, even if money had a part to play in it, but it isn't the only factor as to why he got just 4 months in jail.

[Zaguru12]

Man did so many wrong things, helped terrorists to launder millions of dollars and this is the punishment for him? If you live in the USA and declare slightly wrong income, you might face prison. In Germany, at least in Bavaria, police is very strict, you steal chocolates in a row from supermarket and you might go to prison for up to five years. I'm dead serious.

I will tell you this although it’s different in most countries but once you see an elite been fined first after committing a crime then know that he would be get lesser punishment than a Normal Citizen. For this case of CZ I think he might have a very good legal practitioners (he surely did) that actually knew that if he pleaded guilty early enough he would be getting a lesser sentence when court later gives his verdict. I had definitely wondered why he actually accepted guilt earlier and stepped down from his position. I think this less sentence was the reason why.