Family members, including CZ’s wife, children studying in the US, and his sister, a former Morgan Stanley executive, offer support as CZ faces an impending prison sentence.
CZ (Changpeng Zhao), the founder of Binance, has received familial support in light of his impending prison sentence. Among the 161 letters of support for CZ, according to Wu Blockchain, a number of significant family members were revealed for the first time: his wife, two children enrolled in US institutions, and his sister, who formerly held the position of managing director at Morgan Stanley.
As previously documented, CZ, the founder of Binance, is presently in dire straits. Binance allegedly facilitated unauthorized and unlawful money transfers and provided assistance to recognized terrorist organizations, including Hamas, al Qaeda, and the Islamic State of Iraq and Syria (ISIS), while operating on U.S. soil.
Concerns have been raised in the cryptocurrency community regarding the rationale behind US authorities’ decision to sentence CZ, the founder of Binance, to 36 months in prison.
As previously mentioned, recent international publications shed light on the ardent pursuit of a 36-year prison sentence for Zhao by U.S. prosecutors. Due to the response he is receiving from the international crypto community, Zhao is under increased scrutiny, and it is anticipated that CZ will receive a prison sentence on April 30.
Presently, the proprietor of Binance is at liberty on a bail bond of $175 million. Nevertheless, during a subsequent hearing, U.S. prosecutors argued that “a 36-month sentence is justified in light of the seriousness of Zhao’s deliberate breach of U.S. law and the resulting repercussions.”
Former SEC official John Reed Stark emphasized the Department of Justice’s (DOJ) petition to the U.S. Federal Court in Seattle, which seeks a 36-month prison sentence for CZ, the founder of Binance, on charges of violating anti-money laundering (AML) regulations on U.S. soil.
The SEC veteran drew attention to Zhao’s sentencing on April 30 and noted that Reed will be more stringent regarding CZ’s participation in Binance’s facilitation of illegal activity.
Alleged disregard for legal obligations and noncompliance with US financial regulations have engendered significant concerns regarding the operational integrity of Binance. “The SEC veteran stated that Zhao’s sentence should reflect the gravity of his offenses. “Financial institutions serve as the primary safeguard for the U.S. financial system,” he continued.
