The US DOJ has urged the court to impose a three-year prison sentence on the Binance co-founder.
Former Binance CEO Changpeng Zhao (CZ) is currently facing major hurdles as the US DOJ wants to extend his sentence period by up to 3 years, in addition to a $50 million fine.
In the latest court filing, the U.S. Justice Department pushed for a significant extension of Zhao’s prison sentence, up from the 18-month maximum set in his November 2022 plea deal.
With these efforts, the US DOJ aims to provide a lesson to all crypto and non-crypto companies to stay abreast of strict US laws.
Under CZ’s leadership, Binance Exchange operated unregistered crypto services in the US jurisdiction and deliberately allowed US people to access Binance through the use of VPN services.
At first, the former CEO of Binance denied all these allegations but later admitted all these allegations and decided to settle the case to maintain the trust level of Binance crypto exchange worldwide.
Initially, Zhao’s sentencing hearing was scheduled for the end of February, but by mutual agreement it was postponed to April 30.
CZ’s new project GiggleAcademy
In March this year, CZ, co-founder of Binance, started his new non-profit education project called Giggle Academy.
With the help of this new project, he wanted to reach and teach all the children who are not receiving smart education.
Four weeks ago, CZ confirmed that it had hired 10 talented people for this project and that work had begun.
Binance vs Nigeria
Currently, Binance is struggling heavily in Nigeria’s jurisdiction as the two Binance executives were arrested by Nigerian authorities on February 26, 2024.
A few weeks ago, one of Binance’s executives somehow managed to escape from custody, adding further conflict to the case.
According to local media reports, Binance’s CEO will remain in Nigeria’s Kuje prison until at least May 17.
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