Cheyenne Ligon is a CoinDesk news reporter with a focus on crypto regulation and policy. She has no significant crypto holdings.
Zhao's lawyers have requested their client be sentenced to probation only, but prosecutors are asking the judge to send him to prison for three years.
Zhao, 47, pleaded guilty last November to one count of violating the Bank Secrecy Act, agreeing that he failed to implement an effective anti-money laundering program at Binance in the early days of the exchange.– double the 18-month maximum established by the sentencing guidelines and harsher than comparable sentences, which often result in a sentence of probation or time served.
“This is a high-profile case, to be sure. But Mr. Zhao is not a symbol,” Zhao’s lawyers argued. “He is a devoted father, a philanthropist… He has already shown remorse for his offense and, more importantly, has remediated.”filed with the court served to back up Zhao’s lawyers claims, but also provide an unprecedented glimpse into the private life and personal history of the notoriously private Binance founder.
He, his current partner, said her children are “very close” to Zhao, and have suffered from his absence over the past five and a half months.He also told the court about Zhao’s disinterest in luxury goods – something that was also mentioned by many of the Binance co-founder’s other family members, friends and colleagues.
The description of Zhao’s purported “apathy toward hedonism,” as another friend described it, mirrors similar claims by FTX founder Sam Bankman-Fried’s family and friends ahead of his sentencing.
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