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.
Zhao is accused of willfully failing to implement an effective anti-money laundering 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 sanctions jurisdictions. Changpeng Zhao, former chief executive officer of Binance, arrives at federal court in Seattle, Washington, US, on Tuesday, April 30, 2024.Prosecutors say Zhao violated U.S. law on an "unprecedented scale," and that he had a "deliberate disregard" for Binance's legal responsibilities.
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