In a recent update dated February 20, the U.S. Department of Justice (DOJ) attorneys have requested the court for a new order in United States vs Changpeng Zhao, the founder and former CEO of Binance, a cryptocurrency exchange.
Changpeng Zhao’s criminal sentencing was postponed to the end of April this year. The former Binance CEO faces an 18-month prison sentence for violation of the US anti-money laundering rules.
The U.S. Department of Justice (DOJ) attorneys moved to enter into a protective order in the United States vs Changpeng Zhao lawsuit due to the sensitive information of the case.
Changpeng Zhao and the defense attorneys did not oppose the request for a protective order in the case.
Last month, the former CEO of Binance pled to failing to maintain an effective anti-money laundering program in the US.
The sensitive information to be provided in the protective order includes witness interviews, internal business records, and third-party financial and transaction records.
The protective order means the public would not be able to access any records or interviews. Only members of the defense team and the defendant would be able to access these sensitive records. The identities of the witnesses would not be revealed in the public filings.
Anti-money laundering laws violations in the US could see a 20-year prison sentence but experts suggest Changpeng Zhao could face a prison sentence of 10 years.
Changpeng Zhao could face an 18-month prison sentence. Currently, he is on a bail bond of $175 million until his sentencing which is delayed from February 23 to April 30.
Binance agreed to pay a $4.3 billion penalty to the US government for violating Anti Money Laundering laws and CZ had to pay a $50 million fine.