Federal prosecutors in the US are urging for the imprisonment of former Binance CEO Changpeng Zhao as he appears in court on Tuesday on money laundering charges.
As part of an agreement with US authorities, Zhao, a Canadian citizen, stepped down from his position at the world’s largest cryptocurrency exchange platform late last year.
Zhao admitted guilty to breaching US anti-money laundering regulations, while Binance reached a settlement in February agreeing to pay $4.3 billion to resolve the charges.
According to a court filing, prosecutors are seeking a $50 million fine and a three-year prison sentence for Zhao, which is uncommon for a crime that usually results in probation.
“He made a business decision that violating US law was the best way to attract users, build his company, and line his pockets,” Justice Department lawyers said of Zhao in a sentencing memorandum.
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