A recent court filing indicates that Changping Zhao’s legal challenges have only just begun, even though he pleaded guilty to violating US anti-money laundering requirements in a settlement with the Justice Department.
Chow is expected to be sentenced in February 2024, While he is currently defying government efforts to prevent his return To the United Arab Emirates to await the ruling with his family. But in a filing from November 24, authorities indicated that he may face a harsher sentence than initially expected:
“The defense claims that Mr. Chow faces only a ‘short’ sentence and has no incentive to flee. In fact, the upper end of the guidelines range could be 18 months, and the United States is free to defend any sentence up to the statutory maximum of ten years.”
The potentially lengthy sentence disputes the consensus of legal experts. According to an analysis by former Securities and Exchange Commission official John Reed Stark, it is likely that… Gets Chow was sentenced to 12-18 months in a minimum security prison under US sentencing guidelines. But his legal team is likely to ask that the prison sentence be excluded or an alternative sentence that combines imprisonment, home detention and probation.
Related articles: Changping Zhao quotes Star Trek in his letter to Binance employees: “I want everyone to continue to work admirably.”
Zhao’s connection to the cryptocurrency industry may also influence his fate. Stark believes that “if the Department of Justice does not secure a sentence for Chow that deters money laundering behavior in the cryptocurrency space (and elsewhere) in the future, this ‘plea deal’ could ultimately backfire on the Department of Justice.”
For the Justice Department, seeking a longer prison sentence for Chow may not be as easy as it seems. According to Stark’s analysis, government officials would have to provide more substantial evidence that he was involved in criminal activity. as books On Platform
Chow was released on a $175 million bond, which requires him to return to the United States 14 days before his scheduled sentencing date of February 24, 2024. In his comments, Stark noted that Judge Richard Jones is expected to consider the government’s motion on November 27, with Possibility of enhancing bail requirements through additional bond conditions or delaying the decision.
The Binance and Zhao case is sparking controversy among legal and business experts. According to Omid Malekanauthor and assistant professor at Columbia Business School, the DOJ’s approach to stock exchanges differs greatly from what is seen in traditional finance.
“If I were computerized [البنوك] By Binance Standard, there would be hundreds of managing directors in jail, and less money to buy back (or lobby) shareholders. But the bankers were smart enough not to question the game.”
It is worth noting that on November 21, Zhao reached a $4.3 billion settlement With the US government for allegedly allowing individuals involved in illegal activities to transfer money through the exchange, he stepped down as CEO of the exchange as part of the settlement.
Related articles: Changpeng Zhao’s departure and Binance deal liquidates $175 million in cryptocurrency purchases
Translated by Albayan Gherra
Translation of the statement
2023-11-27 09:59:11
#awaits #Binance #CEO #Changpeng #Zhao
