Binance likely to be monitored for up to five years, CZ’s sentence could be less than 18 months
- US prosecutors submitted a sentencing memorandum on Friday, asking for Binance to be monitored for up to five years.
- Former CEO Changpeng Zhao could receive an 18 month or shorter sentence.
- BNB price rallied 11% in the past week.
According to a sentencing memorandum submitted by US prosecutors, Binance is likely to face monitoring for up to five years. The exchange’s former CEO is awaiting a sentence after admitting to federal money-laundering violations.
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Binance could face monitoring after agreeing to pay $4.3 billion fine
Binance is currently facing the possibility of being monitored for up to five years, according to a sentencing memorandum submitted by US prosecutors. In November 2023, Binance pled guilty to the charges put together by the US Department of Justice, and agreed to pay approximately $4.3 billion in criminal penalties and forfeiture.
Binance’s former CEO and co-founder Changpeng Zhao pled guilty to the federal money-laundering violations and resigned from his position at the exchange. CZ is currently awaiting sentencing.
According to the memorandum submitted by US prosecutors, CZ could face a sentence of up to 18 months.
The sentencing memo was filed on Friday in Seattle’s federal court.
BNB price yielded 11% weekly gains for holders. At the time of writing, BNB price is $359.20. CZ’s sentence and the court’s decision whether to monitor to Binance or leave the exchange be could act as factors that influence BNB price since it is the native token of the cryptocurrency exchange.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
