Published
1 week ago on
April 25, 2024
Table of Contents
A prison expert in the US federal prisons said that if the former Binance CEO goes to jail, he might be at risk of having his belongings stolen and being forced to give money to other inmates.
Binance is a top-ranked crypto exchange, mainly known for its highly secured crypto trading services. In 2023, Binance faced multiple charges but later Binance settled the case with a $4.3 billion fine & also Changpeng Zhao (CZ) stepped down from the CEO role, as a part of the settlement.
As per the latest filing, CZ’s legal team has asked a federal judge to give him probation as punishment for breaking money laundering laws. His lawyers have attached multiple statements supporting this request, one of which proposes that he could serve his sentence at the Federal Detention Center in SeaTac, Washington.
CZ’s representative lawyers also attached a statement from Robert Palmquist, a former warden of FDC SeaTac from 2003 to 2009. Robert explained FDC SeaTac has minimal natural light and is understaffed considering the inmate population.
Furthermore, he added that If CZ goes to prison, his wealth and public status could put him at risk of facing threats to his physical and mental well-being, such as theft and extortion.
A former warden of FDC SeaTac said "if Mr. Zhao would encounter offenders of all security levels and potentially be prey to predators with high-security designations due to his naivety concerning prison experiences and his financial resources.” pic.twitter.com/qjsCgsfRXV
— Bitcoinik (@Bitcoinikdotcom) April 25, 2024
DOJ requests a 3-year jail sentence
Just a couple of days ago, the US DOJ submitted a request to the federal court to sentence Binance former CEO CZ for up to 3 years behind bars.
The US DOJ stated that such a long-term jail sentence would be a lesson for other companies & individuals who are silently violating US financial rules & laws.
https://t.co/orDNjwxseY#CZ Could Face 3-Year Prison Term, #US DOJ Urges The Court
— Bitcoinik (@Bitcoinikdotcom) April 24, 2024
Read also: a16zCrypto CTO says meme coins are badly impacting the crypto innovation
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Read on Bitcoinik Investment Disclaimer
