Binance’s billionaire founder to find out if prison time is coming — here’s what lawyers are expecting
Zhao Changpeng, founder and chief executive officer of Binance, attends a conference at Porte de Versailles exhibition center in Paris, France June 16, 2022.
Benoit Tessier | Reuters
Changpeng Zhao, the founder and former CEO of crypto exchange Binance, heads to a Seattle courtroom on Tuesday to learn whether the crimes he admitted to committing will land him in prison for an extended sentence.
In November, Zhao pleaded guilty to enabling money laundering at Binance. As part of his plea deal with the Department of Justice, Zhao agreed to step down as CEO. For months, U.S. District Judge Richard Jones has been weighing the appropriate punishment for Zhao, also known as CZ.
Once a titan of the crypto sector, Zhao grew Binance into the world’s largest centralized crypto exchange globally. The company held assets of more than $65 billion by the time he stepped down. Unlike rival exchange FTX, which collapsed into bankruptcy when founder Sam Bankman-Fried was criminally charged, Binance has continued to operate.
Assets on the Binance platform totaled more than $122 billion, according to blockchain data firm Nansen, a roughly 88% jump that follows a sharp increase in crypto prices in recent months.
Prosecutors say Zhao violated U.S. law on an “unprecedented scale,” according to their sentencing memorandum to the court, and that he showed a “deliberate disregard” for Binance’s legal responsibilities, operating the exchange on a “Wild West” model.
Zhao is accused of willfully failing to implement an effective anti-money laundering (AML) program as required by the Bank Secrecy Act, and of allowing Binance to process transactions involving proceeds of unlawful activity, including between Americans and individuals in sanctioned jurisdictions.
Binance processed a whopping $18.1 trillion worth of trading volume in 2023, according to data from CCData, a crypto market data firm.
Around 80% — or $14.4 trillion — of that came from derivatives products like futures contracts, while the remaining $3.7 trillion came from spot trading. Derivatives trading is a key part of Binance’s business.
Zhao has agreed to pay a $50 million fine in addition to the $4.3 billion in fines and forfeiture that Binance was ordered to pay for violating the U.S. Bank Secrecy Act and sanctions on Iran. The action was a joint effort by the Justice Department, the Commodity Futures Trading Commission and the Treasury Department, while the SEC, which brought its own suit against the exchange, was notably absent.
The government is asking for a sentence of three years, double the high end of the guidelines range to “reflect the gravity of his crimes,” the prosecutors’ memo says.
Zhao’s lawyers have asked for five months’ probation. They say Zhao has accepted responsibility for dodging AML requirements, and that he has a history of philanthropy and community service. Additionally, he’s already spent more than five months in the U.S., away from family, since pleading guilty.
More than 160 of Zhao’s supporters, including family members, Binance customers, and Emirati royalty, have written notes to the court to appeal for mercy.
Prison time likely
Most experts who spoke to CNBC about the upcoming sentencing predict Zhao will spend some time behind bars.
“This is a high-profile case and the judge will feel pressure not to be soft during sentencing,” Former federal prosecutor Neama Rahmani told CNBC. He expects a sentence of a year or two.
Braden Perry, a former senior trial lawyer for the CFTC, said federal sentencing guidelines provide a framework but allow judges some discretion.
“For CZ, a first-time nonviolent offender, the sentencing guidelines call for an advisory range of 10 to 16 months,” said Perry, currently a partner at law firm Kennyhertz Perry.
Working in Zhao’s favor, Perry said, is that the defendant never went to trial, saving judicial and prosecutorial resources, and that he accepted responsibility and settled with multiple agencies, all concessions that might influence the judge’s decision.
“I believe the judge will acknowledge the vast scale of potential suspicious transactions and the prior lax AML program but recognize the efforts and remediation taken,” Perry said. “Taking into account all the factors, I predict a guideline sentence with a term of incarceration. This will deter yet account for the guilty plea and all other factors used in the sentencing decision.”
Yesha Yadav, law professor and associate dean at Vanderbilt University, is looking for the judge to impose a sentence “in the low single digits – perhaps three years.” However, that could include minimal time in prison and the rest on probation.
Yadav suggested that Zhao will benefit from Binance’s contrast to FTX, which was “revealed to have been a criminal enterprise.“
“While Binance has been convicted of extremely serious charges, it still remains an operational, albeit weakened, business that continues to attract customers and is looking to revive its fortunes by focusing on compliance under a monitorship regime,” Yadav said.
Former federal prosecutor Paul Tuchmann also expects some prison time due to the failure to implement AML requirements, as well as the volume of funds that flowed through Binance without being subject to such controls.
“While he is a first-time offender, those factors I just mentioned are likely to outweigh the lack of criminal history,” Tuchmann said. “The need for general deterrence in the crypto industry, and the financial sector generally, is so great, that I assume that DOJ will take the position, and a judge will likely agree, that a message needs to be sent through this sentence that the consequences for violating these rules can’t just be seen as a cost of doing business.”
Los Angeles corporate law attorney Tre Lovell said a shorter sentence, in the range of five to seven months, is likely, along with extended probation.
Lovell added that, unlike Bankman-Fried, who was convicted of fraud and sentenced to 25 years in prison, Zhao hasn’t been charged with fraud or other crimes deserving of a longer sentence.
“In addition, his letter to the judge does reflect remorse, discusses his making of poor decisions, and indicates that the Binance platform has instituted strict anti-money laundering controls at his direction,” Lovell said.
David Weinstein, a former federal and state prosecutor who now practices as a corporate compliance and white collar defense attorney at Jones Walker, said prison sentences represent an important deterrent.
“I think the sentence will end up just under a year,” he said.
WATCH: Bankman-Fried sentencing
Amazon is adding over 200 Mercedes-Benz eActros 600 electric semi trucks to its fleet later this year – its largest-ever order of electric heavy goods vehicles (eHGVs).
Amazon’s new electric semi trucks
These electric trucks will handle high-mileage routes across the UK and Germany, moving trailers between Amazon’s fulfillment centers, sorting centers, and delivery stations.
The new eHGVs are expected to transport more than 350 million packages annually once fully operational.
Amazon is installing 360kW charging stations at key sites capable of powering the 40-tonne trucks from 20-80% in just over an hour. The company is also working with stakeholders to establish external charging locations to support longer routes.
The eActros 600 is Mercedes-Benz Trucks’ flagship electric long-hauler, with a battery capacity of more than 600 kWh and a range of 310 miles (500 km). Production of the eActros 600s recently began at Mercedes-Benz’s factory in Wörth, Germany.
Sustainable delivery across Europe
In the UK, Amazon has begun using the electric rail network for package transport at scale. It’s also rolling out on-foot delivery options in London, with associates using carts that can be restocked from nearby vans. In Germany, Amazon doubled its fleet of Rivian electric delivery vans to over 600, and electric cargo bikes delivered more than 1.5 million packages in Berlin alone last year.
By the end of 2024, Amazon plans to expand its micromobility hubs – locations supporting deliveries by foot and cargo bike – to Germany’s five largest cities and beyond. Across Europe, the company is investing more than €1 billion to further electrify and decarbonize its transportation network.
Amazon’s European network already includes 38 eHGVs, with 50 electric semis recently deployed in California. The company’s fleet of electric delivery vans in Europe has grown to over 3,000 and is expected to surpass 10,000 by the end of 2025. Micromobility hubs have also expanded from 20 cities in 2022 to more than 45 by the end of 2024, including new additions in Belfast, Madrid, Rome, and Vienna.
Electrek’s Take
Amazon says its latest electric semi truck order aligns with The Climate Pledge it announced in 2019, in which the company committed to achieving net zero across its operations by 2040. While The Climate Pledge initiative has garnered praise, it has also faced criticism and skepticism regarding its effectiveness and transparency.
In 2020, Amazon faced allegations of retaliating against employees who spoke out about the company’s environmental policies. The National Labor Relations Board found that Amazon had illegally fired workers who advocated for climate action and better safety measures.
Amazon is also donating $1 million to President-elect Donald Trump’s inaugural fund. Trump is a climate change denier who actively opposes renewables, and not just in the US. Earlier this month Trump demanded that the British government open up the North Sea to fossil fuel drilling and get rid of “windmills.”
Read more: It begins: Mercedes eActros 600 electric semi truck enters production
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![Check out the new Genesis GV60 interior, it looks even more luxurious in blue [Video]](https://i0.wp.com/electrek.co/wp-content/uploads/sites/3/2025/01/Genesis-new-GV60-interior.jpeg?resize=1200,628&quality=82&strip=all&ssl=1)
If you thought the current GV60 looked pretty inside, wait until you see the updated model. Genesis unveiled the new GV60 earlier this month, its first major redesign since launching in 2021. Here’s our first look at the interior of the new Genesis GV60.
Genesis GV60 interior gets an upgrade in the new model
Genesis launched the GV60 in October 2021 as its first dedicated EV. Less than four years later, the luxury electric SUV is already getting a new look.
The luxury brand unveiled the new GV60 last week for the first time. One of the biggest updates is to the front end.
Although the GV60 is already a sporty-looking EV, the redesigned front bumper with a new 3-D shape takes it up another level. Then, add the signature Genesis Two Line headlamps with Micro Lens Array (MLA) tech, and the refreshed GV60 is a head turner.
The revamped model now features 21″ wheels with a new five-spoke design, complementing its wide, low stance.
Inside, the upgraded GV60 features its new 27″ connected car Integrated Cockpit (ccIC) infotainment system. The design “eliminates the bezel” between the driver display and infotainment screens.
The new Genesis GV60 interior also gains a redesigned three-spoke steering wheel for an even more sporty feel while you’re in the cockpit. Other popular features from the outgoing model, like the Crystal Sphere shift-by-wire system, are still included.
After revealing the updated model for the first time last week, we are already getting a look at the redesigned interior.
A new video from Korea’s HealerTV gives us our first look at the Genesis GV60 interior in a new blue color. Although the reporter initially thought it was a performance model, he noted it was just a new color option. Other added design elements, like the large quilting pattern on the side panels, give it that Bentley or Rolls-Royce feel.
Last week, HealerTV posted a video revealing the first look at the updated Genesis GV60 exterior design. You can see the redesigned front and rear bumpers add to the GV60’s already impressive look.
In the US, the 2025 Genesis GV60 starts at $52,350. A new AWD trim was introduced this year, starting at $55,850.
The current mode gets up to 294 miles driving range, but a bigger battery is expected to push that number closer to 300 miles in the 2025MY. It’s expected to feature the same 84 kWh battery as the updated 2025 IONIQ 5, which provides up to 318 miles range. That’s up from 303 miles in the previous model with a 77.4 kWh battery.
| 2025 Genesis GV60 trim | Range (EPA-est) |
Starting Price* |
| Standard RWD | 294 miles | $52,350 |
| Standard AWD | 264 miles | $55,850 |
| Advanced AWD | 248 miles | $60,900 |
| Performance AWD | 235 miles | $69,900 |
Genesis will launch the updated GV60 in Korea in the first quarter of the year, with overseas markets following shortly after. Check back for more info, including prices and specs, closer to launch.
What do you think about the new GV60 design? Do you like the changes? What would you change? Let us know in the comments below.
Ready to check out the electric luxury SUV for yourself? With the 2025 models here, Genesis is offering clearance prices on the 2024 lineup while they are still in stock. You can use our link to find offers on 2024 and 2025 Genesis GV60 models at a dealer near you today.
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