Changpeng Zhao, founder and CEO of Binance, attends the Viva Technology conference dedicated to innovation and startups at Porte de Versailles exhibition center in Paris on June 16, 2022.
U.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.
The memorandum, which was filed with the court for the western district of Washington, states that Zhao should serve a higher sentence that suggested under advisory guidelines to "reflect the gravity of his crimes."
Under advisory guidelines, Zhao's sentencing would come in at a range of 12 to 18 months in prison.
"A custodial sentence of 36 months—twice the high end of the Guidelines range—would reflect the seriousness of the offense, promote respect for law, afford adequate deterrence, and be sufficient but not greater than necessary to achieve the goals of sentencing," U.S. prosecutors said.
Persons:
Changpeng Zhao, Zhao, —, Binance
Organizations:
Viva Technology, Porte de, U.S, Bank, U.S . Securities, Exchange Commission, Commodity Futures Trading Commission
Locations:
Porte, Paris, Washington, U.S