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Binance founder sentenced to prison on money-laundering violations

6 May 2024

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Binance founder has been sentenced for 4 months in prison. The cryptocurrency trading platform created in 2017 by Changpeng Zhao said to be ready to cover at all costs.

Binance founder Changpeng Zhao was sentenced to four months in prison for putting profits before the law. The company was found guilty of unintentionally helping to finance several criminal activities around the world. Zhao, who is 47 and has a personal fortune of nearly $40 billion, pleaded guilty on the last day of April and will now have to spend several months in prison in the United States, as well as pay large fines.

"The sentence, handed down in a US federal court in Seattle, is far lighter than the three years prosecutors had argued for" - CNN journalist Allison Morrow says

“Words cannot explain how deeply I regret my choices that result in me being before the Court,” he said in a letter to the judge. “Rest assured that it will never happen again.”

CNN also reported that Binance agreed to pay more than $4 billion in fines and other penalties as part of a coordinate settlement with the federal government last fall. The company admitted to engaging in anti-money laundering activities, unlicensed money transmitting and sanctions violations.

Zhao according to Bloomberg, agreed to step down as CEO and pay $200 million in fines.

SOURCE: Binance.com, CNN News

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cz binance founder - themetaconomist

Binance founder sentenced to prison on money-laundering violations

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