Changpeng Zhao was sentenced to four months in prison for allowing money laundering on the world's largest cryptocurrency exchange.
Former Binance CEO Changpeng Zhao leaves the U.S. District Court in Seattle on Nov. 21, 2023. SEATTLE — Binance founder Changpeng Zhao was sentenced Tuesday to four months in prison for allowing rampant money laundering on the world’s largest cryptocurrency exchange.
Zhao pleaded guilty in November to one count of failing to maintain an anti-money-laundering program and stepped down as Binanceto settle related allegations. U.S. officials said Zhao deliberately looked the other way as people conducted transactions that supported child sex abuse, the illegal drug trade and terrorism.No one has ever been sentenced to prison time for similar violations of the Bank Secrecy Act, defense attorneys Mark Bartlett and William Burck told the judge.
In a letter to the court, Zhao wrote that there was “no excuse for my failure to establish the necessary compliance controls at Binance.” Zhao’s attorneys pointed to his willingness to come from the United Arab Emirates, where he and his family live, to the U.S. to plead guilty, despite the UAE’s lack of an extradition treaty with the U.S.
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