Five months after pleading guilty to money laundering violations, Binance founder Changpeng Zhao was sentenced to four months in prison.
Binance founder Changpeng Zhao, who pleaded guilty to money laundering violations in November, was sentenced to four months in prison on Tuesday.The crypto billionaire stepped down as Binance's CEO as part of his agreement with the Justice Department.
Binance's billionaire founder Changpeng Zhao was sentenced to four months in prison on Tuesday, after pleading guilty to charges of enabling money laundering at his crypto exchange.. The defense had asked for five months of probation. The sentencing guidelines called for a prison term of 12 to 18 months., Zhao struck a deal with the U.S. government to resolve a multiyear investigation into Binance, the world's largest cryptocurrency exchange.
The U.S. ordered Binance to pay $4.3 billion in fines and forfeiture. Zhao agreed to pay a $50 million fine.The action against Binance and its founder was a joint effort by the Department of Justice, the CFTC and the Treasury Department, though the SEC was notably absent.Changpeng Zhao, former chief executive officer of Binance, arrives at federal court in Seattle, Washington, US, on Tuesday, April 30, 2024.In a memorandum on Apr.
"Zhao bet that he would not get caught, and that if he did, the consequences would not be as serious as the crime," the memorandum stated."But Zhao was caught, and now the Court will decide what price Zhao should pay for his crimes."Bitcoin and ether drop as investors question the U.S. economy's strength: CNBC Crypto World
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