FILE PHOTO: Zhao Changpeng, founder and chief executive officer of Binance speaks during an event in Athens, Greece, November 25, 2022. REUTERS/Costas Baltas/FILE PHOTOWASHINGTON: The former chief executive of Binance , the world's largest cryptocurrency exchange, could face years in prison when he is sentenced on Tuesday after his guilty plea to violating US money-laundering laws.
"It's unusual to ask for this much time above sentencing guidelines," he said."They want this to serve as a deterrent." They also said Zhao had not committed a crime before, and no defendant in a remotely similar case has been imprisoned.Bankman-Fried had pleaded not guilty and said that while he made mistakes he did not defraud customers. He has appealed his conviction and sentence.Zhao, 47, stepped down as Binance's chief in November when he and the exchange he founded in 2017 admitted to evading money-laundering requirements under the Bank Secrecy Act.
"He made a business decision that violating US law was the best way to attract users, build his company, and line his pockets," prosecutors said.
Changpeng Zhao
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