American justice wants the founder of the largest crypto platform in jail for three years | Economy

Zhao, who is no longer at the helm of Binance, is suspected of violating anti-money laundering rules. For example, he is said to have failed to report more than 100,000 suspicious transactions to the authorities.

This concerns, for example, transactions by Al Qaeda, IS and Hamas. Hackers are also said to have used the platform to have their ransom paid in cryptos. Furthermore, transactions related to the trade in child pornography are alleged to have been made via Binance.

Zhao is expected to hear his actual sentence next week. The former CEO previously pleaded guilty, ending a long-term investigation into Binance. ‘CZ’, as his nickname is, also agreed to a fine of approximately 46.7 million euros.

Furthermore, the platform must pay a fine of more than 4 billion euros. Federal prosecutors and the company previously reached an agreement on this. As part of that deal, Binance must be audited for compliance with the rules by an independent office for five years.