Binance Ex-CEO CZ Receives Four-Month Prison Sentence Instead of 36 Requested
Former Binance CEO Changpeng Zhao, also known as CZ, has been sentenced to four months in prison in Seattle for violating anti-money laundering laws. The verdict was handed down by Judge Richard Jones of the United States District Court for the Western District of Washington.
- Judge Jones’ decision
- CZ’s punishment
- Prosecutors’ request for 36 months
- Defense lawyers’ plea for probation
Verdict on Binance’s Former CEO CZ: Four Months Behind Bars
Despite the prosecution’s call for a 36-month imprisonment, the judge ruled that CZ should serve only four months. The defense argued for probation, emphasizing Zhao’s repentance and acceptance of responsibility for his actions.
- Judge Jones’s decision
- Prosecutors’ request for 3 years
- Lack of evidence of Zhao’s awareness of illegal activity
In November 2023, CZ pleaded guilty to violating the Bank Secrecy Act, resulting in a $50 million fine and his resignation as Binance’s CEO. Since then, he has been unable to return to Dubai where his partner and some of his children reside.
CZ’s Educational Initiative Excludes Cryptocurrencies
Notably, CZ launched an educational project named Giggle Academy in March without involving cryptocurrencies. The platform aims to provide free education, primarily targeting disadvantaged children in developing countries.
- Giggle Academy
- Educational focus from first to twelfth grade
- NFT inclusion in the platform
- Planned gamified educational content
Despite the absence of cryptocurrencies, NFTs will be part of Giggle Academy’s educational content. The project plans to gamify learning by implementing a system with points, scores, rankings, and NFT badges to turn education into a “learn-to-earn” model in the future.
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