Former executives of the encryption trading platform may face 10 to 16 months in prison, with far-reaching implications for the industry.

The latest news shows that the court’s sentencing hearing for the former cryptocurrency trading platform executive is underway. The judge generally agreed with the Probation Office’s recommendation of 10 to 16 months’ imprisonment and 1 to 3 years of supervised release. At present, the Tribunal is hearing the prosecution, the defence and the accused himself with a view to reaching a final verdict.

Previously, prosecutors had asked the court to sentence the former executive to three years in prison and a $50 million fine. However, the Probation Office recommended in its report that a five-month suspended sentence be granted. At the same time, the defense advocated for house arrest and probation rather than actual prison sentences.

The case has sparked widespread concern in the cryptocurrency industry and is seen as an important signal for regulators to tighten their oversight of the industry. The final verdict will have far-reaching implications for the industry as a whole, and may prompt other trading platforms to pay more attention to compliance.