Binance's former CEO and convicted money launderer Changpeng Zhao could serve his prison time along with some Jan. 6, Capitol Hill rioters and "crypto-anarchist" Jim Bell.
According to the Seattle court documents on Zhao's sentence prisoning, it is "highly probable" that the former CEO would serve his sentence at the SeaTac detention center in Washington.
(Photo : David Ryder/Getty Images)
The detention center is the same facility housing some leaders of the Capitol attack in 2021 and Bell, the mastermind behind the anonymously sponsored assassination of government officials, or what is referred to as the "assassination politics."
Also Read: Binance Ex-CEO Changpeng Zhao Ordered to Stay in U.S. Ahead of Prison Sentencing
Defense Team Seeks More Lenient Sentencing for Zhao
Zhao's defense team is currently leveraging the notoriety of his would-be prison mates to push for a more lenient sentencing, a proposal his prosecutors disputed.
According to the prosecution, Binance, under Zhao's leadership, has turned the company into a "Wild West" as the crypto firm "made a business decision that violating U.S. law was the best way to attract users, build his company, and line his pockets."
Prosecutors are seeking to imprison Zhao in the US for at least three years after pleading guilty to violating US sanction laws and money laundering.
This is in addition to the $50 million fine Zhao has to pay from his pocket and another $4.3 billion settlement payment from Binance.
Zhao is the second most prolific figure in the crypto market who will receive his prison sentencing, just a month after former FTX CEO Sam Bankman-Fried was sentenced to 25 years in prison.
Seattle District Judge Richard Jones is set to deliver Zhao's sentencing on April 30.
Related Article: Ex-FTX CEO Sam Bankman-Fried Asks to Reduce Prison Sentencing Over Fraud Charges
'Crypto Winter' to Soon Come to a Close
With both Zhao and Bankman-Fried heading to prison, many crypto firms are expecting that the so-called "Crypto Winter" would finally receive its conclusion.
The collapse of FTX in 2022, along with the decline in demand across multiple cryptocurrencies, has turned into a bearish market for months.
Many crypto hedge funds went bankrupt during those past two years, leaving many people unable to recover their lost money.
The eventual introduction of federal regulation of cryptocurrencies has slowed down the effects of the "Winter," although most part of the industry is still reeling from its effects.
