Expected CZ Sentence Not to Exceed 18 Months

Prosecutors in the United States submitted a sentencing memorandum to the Seattle federal court this Friday regarding Binance's alleged violations of US economic sanctions and anti-money laundering regulations. The memorandum requests the federal judge to approve the related plea agreement, which reportedly also entails a five-year monitoring period for Binance. Additionally, Bloomberg reported that Binance's former CEO CZ has pleaded guilty to money laundering charges, with a sentencing expected in April this year. While facing a maximum of 10 years in prison, according to the plea agreement, the anticipated sentence is not expected to exceed 18 months. Earlier reports indicated that Binance admitted to violating US anti-money laundering and sanction regulations and agreed to pay fines of up to $4.3 billion by the end of last year.