[AI Quick Reading]Binance Boss Zhao Changpeng's Judgment Memorandum

This article is aboutBinance, the world's largest cryptocurrency exchangeFounder and CEOU.S. Sentencing Memorandum for Changpeng Zhao (nicknamed “CZ”). Changpeng Zhao was charged with intentional violations of U.S. law, including intentionally violating U.S. law in his company’s operations as a business decision to attract users, build his company, and make profits. He failed to register his company with U.S. regulators in the manner required by the United States, failed to comply with basic U.S. Anti-Money Laundering (AML) requirements, and failed to implement and maintain an effective Know Your Customer (KYC) system. In addition, when Binance employees discovered suspicious transactions, they did not report those transactions to U.S. authorities. Changpeng Zhao caused Binance to fail to effectively prevent transactions between U.S. users and users in Iran and other sanctioned countries and regions, in violation of U.S. law.

Due to Zhao Changpeng's strategy,BinanceBinance）Quickly becoming a giant in the cryptocurrency trading space, he himself became one of the richest men in the world and a celebrity in the crypto industry. However, Zhao Changpeng was eventually arrested and the court will decide the price he needs to pay for his crimes. Therefore, the United States recommended that the court sentence Zhao Changpeng to a 36-month prison term that is higher than the guideline.

The document also details the criminal prosecution background of Zhao Changpeng, including the specific circumstances in which he admitted to violating U.S. law, and the recommended criminal penalty for him. Zhao Changpeng pleaded guilty to failing to implement an effective anti-money laundering program, violating the requirements of the Bank Secrecy Act, involving transactions between the United States and sanctioned jurisdictions.

As such, the document covers a significant legal case involving a review of compliance with laws governing cryptocurrency trading platforms and the consequences of violations of anti-money laundering laws, with a particular focus on actions that impact U.S. national security and the penalties that follow.

• Knowing and willful violations of U.S. law, Zhao Changpeng (Changpeng Zhao) BinanceBinance）Founder, Zhang Peng, made his company the world’s largest cryptocurrency trading platform by deliberately violating the law. Zhang Peng admitted that violating U.S. law was key to the company’s success and profitability.

• Zhao ChangpengThe decision led toBinanceBinance）Willfully violated U.S. law by failing to comply with U.S. Anti-Money Laundering (AML) requirements and failing to implement an effective Know Your Customer (KYC) system.BinanceBinance） Become a giant in the field of cryptocurrency trading, andZhao ChangpengHe has thus become one of the richest people in the world.

• According to the plea agreement in that case,Zhao ChangpengWill pay a $50 million fine.Zhao ChangpengKnowBinanceBinance） The funds processed were related to illegal activities or used to promote illegal activities.Zhao ChangpengThe penalty was higher than the guidelines, with a recommended sentence of 36 months in prison, to reflect the significant harm to the national security of the United States.

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