Sam Bankman-Fried was sentenced to 25 years in prison on seven felony charges, while Changpeng Zhao received just four months for AML charges.
Two figures once considered to be Titans in the crypto industry are going to prison in the United States for drastically different amounts of time., many in and out of the crypto space have questioned why the two industry leaders have received such different treatment in the U.S. legal system.
The former FTX CEO faced seven felony charges related to defrauding investors and misuse of customer funds. CZ faced one charge related to failure to maintain an effective Anti-Money Laundering program at Binance. “CZ was charged with a crime that is more akin to a regulatory violation: the failure to have an adequate system of Anti-Money Laundering controls, while SBF was charged with wire fraud in connection with the secret plundering of billions of dollars in crypto custody with FTX to prop up Alameda,” Mark Bini, a former Assistant U.S. Attorney in the Eastern District of New York, told Cointelegraph. “While both are serious, SBF’s crime was far more serious.
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Changpeng Zhao’s 4-month sentence a ‘general deterrence,’ says lawyerThe four-month prison sentence handed to Binance founder CZ, was a judge warning the crypto industry that compliance “must be taken seriously,” says RMIT’s Dr. Aaron Lane.
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Changpeng Zhao four-month prison sentence lighter than expectedThe judge stated that there was no clear evidence that Zhao was aware of some of the illicit activities at the exchange.
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U.S. prosecutors seek 36-month sentence for ex-Binance CEO Changpeng ZhaoU.S. prosecutors are seeking an above-guidance sentence of 36 months for the former CEO of cryptocurrency exchange Binance on charges of enabling money laundering, according to a sentencing memorandum out late Tuesday.
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U.S. prosecutors seek 36-month sentence for ex-Binance CEO Changpeng ZhaoU.S. prosecutors on Tuesday recommended an above-guidance, 36-month sentence for former Binance CEO Changpeng Zhao.
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U.S. prosecutors seek 36-month sentence for ex-Binance CEO Changpeng ZhaoU.S. prosecutors on Tuesday recommended an above-guidance, 36-month sentence for former Binance CEO Changpeng Zhao.
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Binance Founder Changpeng Zhao Will Be Sentenced Today—Federal Prosecutors Seek Three Years In JailI am a Breaking News Reporter at Forbes, with a focus on covering important tech policy and business news. Graduated from Columbia University with an MA in Business and Economics Journalism in 2019. Worked as a journalist in New Delhi, India from 2014 to 2018.
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