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.
Former Binance CEO 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 take required anti-money-laundering measures and stepped down as Binance agreed to pay $4.3 billion to settle related allegations. "I failed here," Zhao said before U.S. District Judge Richard A. Jones issued the sentence.
"He says in hindsight he should have done a better job," Justice Department lawyer Kevin Mosley told the court. "This wasn’t a mistake. When Mr. Zhao violated the BSA he was well aware of the requirements."Zhao knew that Binance was required to institute anti-money-laundering protocols, but instead directed the company to disguise customers’ locations in the U.S. in an effort to avoid complying with U.S. law, prosecutors said.
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