A long-awaited case in the cryptocurrency world has finally reached a conclusion. Particularly today, everyone was curious about the court’s decision regarding Changpeng Zhao, known as the former CEO of Binance. As the trial came to an end, CZ’s penalty was determined. Here is the penalty received by former Binance CEO Changpeng Zhao…
What penalty was given to former Binance CEO CZ in court?
Firstly, a period of decline in cryptocurrencies began with the penalty for embezzlement received by FTX exchange founder Sam Bankman-Fried. Subsequently, lawsuits started emerging in the Binance sphere. One of these lawsuits was filed against Binance founder and former CEO Changpeng Zhao (CZ). In this case, CZ was accused of money laundering.
In today’s trial, prosecutors reiterated their previous request for a 26-month prison sentence, as they had requested before. However, it was emphasized that this request, which was not approved by the judge, was made without evidence that CZ was aware of illegal activities.
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Towards the end of the trial, the conditional release department announced that a 5-month house arrest was deemed appropriate for the founder of Binance. However, CZ’s lawyers argued in their defense that there was no situation warranting a prison sentence.
Already agreeing to pay a $50 million fine from his $33 billion fortune, CZ’s trial verdict was awaited with curiosity, and with CZ emphasizing his respectful attitude towards the law, the judge decided on a 4-month prison sentence.
What are your thoughts on the punishment of the former CEO and founder of Binance, CZ? Feel free to share your opinions in the comments.
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