Prosecutors seek 36 months in prison for founder of the world’s largest crypto exchange | World

Changpeng Zhao founded Binance. Ramsey Cardy/Web Summit

Binance founder Changpeng Zhao faces 36 months in prison in the United States. The trial was carried out by prosecutors in the US in the case investigating him for money laundering. Zhao has already pleaded guilty to the case and left his position at the world’s largest cryptocurrency exchange in November 2023. The information comes from Reuters.

In a statement, they said that, “given the magnitude of Zhao’s intentional violation of U.S. law and its consequences, a 36-month above-guideline sentence is warranted.”

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The American court’s sentence is expected to take place on April 30th.

US authorities say Binance failed to report more than 100,000 transactions between terrorist groups such as Al Qaeda, Islamic State and Hamas. Additionally, the exchange also supported the sale of child sexual abuse materials, receiving the profits.

In a prior agreement, Zhao agreed not to appeal any prison order for up to 18 months. He is free after paying $175 million bail.