Pundits: Ramasamy’s anti-Pakatan campaign will chip away at KKB majority, but not enough for a Perikatan upset on May 11
The sentence imposed by US District Judge Richard Jones in Seattle was significantly shorter than the three years sought by prosecutors, and below the maximum 1-1/2 years recommended under federal guidelines. Before handing down the sentence, Jones faulted Zhao for making Binance’s growth and profitability a higher priority than complying with US laws.“You had the wherewithal, the finance capabilities, and the people power to make sure that every single regulation had to be complied with, and so you failed at that opportunity,” he said.He wore a navy blue suit and tie in the courtroom, with his mother and several other family members in attendance. Defence lawyers had requested probation.
Binance agreed to a US$4.32 billion penalty, and Zhao paid a US$50 million criminal fine plus US$50 million to the US Commodity Futures Trading Commission.“I believe the first step of taking responsibility is to fully recognise the mistakes. Here I failed to implement an adequate anti-money laundering programme ... I realize now the seriousness of that mistake.”
“Not prioritizing compliance is a few shades below criminal intent. It’s bad, but it’s below the usual requirement of specific intent” that would justify a years-long sentence, said Robert Frenchman, a lawyer specializing in white-collar crime. In seeking probation, defence lawyers said others who admitted to similar wrongdoing, including BitMEX founder Arthur Hayes, were not locked up.
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