US Department of Justice Recommends a 3-Year Prison Sentence for CZ

America’s Justice Department Calls for 3-Year Prison Term for Binance Co-Founder

The former CEO of Binance, Changpeng Zhao (CZ), finds himself in a tough spot as the US Doj is pushing for an extension of his sentence to 3 years, along with a hefty $50 million fine.

In a recent court filing, the US DOJ has requested a substantial increase in Zhao’s prison sentence beyond the 18-month maximum specified in his November 2022 plea deal.

The US DOJ is advocating for former CEO CZ of #Binance to spend up to 3 years in prison.

They state:

“The sentence in this case will not just send a message to Zhao but also the world” pic.twitter.com/PnEn3awamq

— Ailtra (@Ailtradotcom) April 24, 2024

The US DOJ is aiming to send a clear message to both crypto and non-crypto companies about the strict laws in the US through these actions.

During CZ’s tenure, Binance Exchange operated unregistered crypto services within the US jurisdiction and knowingly allowed US citizens to access Binance easily using VPN services.

Initially denying the allegations, Binance’s former CEO later confessed to the charges and opted to settle the case to uphold the global trust in Binance crypto exchange.

The sentencing hearing for Zhao, initially scheduled for late February, has been rescheduled to April 30 by mutual agreement.

Introducing CZ’s New Venture: GiggleAcademy

In March, CZ launched a new non-profit educational initiative called Giggle Academy.

Through this project, his goal is to reach and educate children who may not have access to quality education.

My next project. @GiggleAcademy (No logo yet)

Free basic (grade 1-12 ish) education, for all.
No revenue.
Gamified.
Adaptive.

Read the Concept Paper at https://t.co/knqmZF0sQ8

We are HIRING. Small team, work directly with CZ.

— CZ 🔶 BNB (@cz_binance) March 19, 2024

Recently, CZ announced the recruitment of 10 talented individuals for this initiative, and work is already in progress.

Some updates on @GiggleAcademy.

We got a team of 10 now. Some part time, some full time. All remote. We have calls together 3 times a week, in addition to adhoc smaller chats.

Hiring is on-going. I do a dozen interviews a week. We are targeting a 15 people team initially.

We…

— CZ 🔶 BNB (@cz_binance) March 30, 2024

Binance’s Challenges in Nigeria

Currently, Binance is facing difficulties in Nigeria, as two Binance executives were arrested by Nigerian authorities on February 26, 2024.

Recently, one of the executives managed to escape custody, further complicating the situation.

According to local media reports, the detained Binance executive will remain in Nigeria’s Kuje prison until at least May 17.