A prison expert on US federal prisons said if the former CEO of Binance goes to prison, he risks having his assets stolen and being forced to give money to other inmates.
Binance is a highly regarded crypto exchange, best known for its highly secured crypto trading services. In 2023, Binance faced multiple charges, but later settled the case with a $4.3 billion fine and Changpeng Zhao (CZ) also stepped down from the CEO role as part of the settlement.
According to the latter submitCZ’s legal team has asked a federal judge to give him probation as punishment for violating money laundering laws. His attorneys have attached multiple affidavits in support of this request, one of which suggests he could serve his sentence at the federal detention center in SeaTac, Washington.
CZ’s representative attorneys also included a statement from Robert Palmquist, former director of FDC SeaTac from 2003 to 2009. Robert explained that FDC SeaTac has minimal natural light and is understaffed given its inmate population.
Furthermore, he added that if CZ goes to prison, his wealth and public status could put him at risk of facing threats to his physical and mental well-being, such as theft and extortion.
DOJ is asking for a three-year prison sentence
Just a few days ago, the US DOJ filed a request in federal court to sentence former Binance CEO CZ to three years behind bars.
The US DOJ stated that such a lengthy prison sentence would be a lesson to other companies and individuals who silently violate US financial regulations and laws.
Also read: a16zCrypto CTO says meme coins will have a major impact on crypto innovation