CZ Could Face 3-Year Prison Term, US DOJ Urges The Court

On Apr 24, 2024

The US DOJ urged the court to impose a 3-year jail sentence for the Binance co-founder.

Binance’s former CEO Changpeng Zhao (CZ) is currently under huge hurdles, as the United States Doj wants to extend his sentence period for up to 3 years, in addition to a $50 million fine.

In the latest court filing, the US DOJ urged for a significant increase in Zhao’s prison term compared to the 18-month maximum stipulated in his November 2022 plea agreement.

US DOJ wants to see #Binance    former CEO CZ behind bars for up to 3 years.

US DOJ says:

“The sentence in this case will not just send a message to Zhao but also the world" pic.twitter.com/PnEn3awamq
— Bitcoinik (@Bitcoinikdotcom) April 24, 2024

With these efforts, the US DOJ wants to set a lesson for all the crypto & non-crypto companies to remain aware of the strict US laws.

Under the leadership of CZ, Binance Exchange operated unregistered crypto services in the US jurisdiction as well as intentionally allowed American people to access Binance easily via the use of VPN services.

In the starting, Binance’s former CEO denied all these accusations but later admitted all these charges & decided to settle the case, to maintain the trust level of Binance crypto exchange globally.

Initially, the hearing on Zhao’s sentencing was set for late February but got pushed to April 30 by mutual agreement.

CZ’s new project GiggleAcademy

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In March of this year, Binance co-founder CZ started his new non-profit educational project called Giggle Academy.

With the help of this new project, he aimed to reach & teach all the children who are not getting smart education.

My next project. @GiggleAcademy (No logo yet)

Free basic (grade 1-12 ish) education, for all.
No revenue.
Gamified.
Adaptive.

Read the Concept Paper at https://t.co/knqmZF0sQ8

We are HIRING. Small team, work directly with CZ.
— CZ 🔶 BNB (@cz_binance) March 19, 2024

Four weeks ago, CZ confirmed that he hired 10 talented people for this project and work has started.

Some updates on @GiggleAcademy.

We got a team of 10 now. Some part time, some full time. All remote. We have calls together 3 times a week, in addition to adhoc smaller chats.

Hiring is on-going. I do a dozen interviews a week. We are targeting a 15 people team initially.

We…
— CZ 🔶 BNB (@cz_binance) March 30, 2024

Binance Vs Nigeria

In the present time, Binance is struggling badly in the jurisdiction of Nigeria, as the two Binance executives were arrested by the Nigerian authorities on 26 Feb 2024.

Few weeks ago, one of the Binance executives somehow managed to escape from custody, which made the matter more conflicted.

As per local media reports, the Binance executive will stay in Nigeria’s Kuje prison until at least May 17.