Binance founder and former CEO Changpeng Zhao (CZ) was sentenced to four months in prison after admitting to violating US anti-money laundering laws at the world's largest cryptocurrency exchange. 🏛️🔒
In his final tweet before he began serving his prison sentence, CZ thanked his supporters and emphasized the importance of harmony in the industry. CZ said, "I will do my time, complete this phase, and focus on the next chapter of my life (education). I will continue to be a passive investor (and owner) in the crypto industry. Our industry has entered a new phase. Alignment is super important." said. 🙏💼
CZ resigned as CEO of Binance last November, admitting that the exchange he founded in 2017 did not comply with anti-money laundering regulations outlined in the Bank Secrecy Act.
CZ chose to voluntarily surrender to imprisonment. Additionally, Binance agreed to a $4.32 billion penalty, while CZ paid a $50 million penalty and an additional $50 million to the U.S. Commodity Futures Trading Commission (CFTC).
In his final tweet before he began serving his prison sentence, CZ thanked his supporters and emphasized the importance of harmony in the industry. CZ said, "I will do my time, complete this phase, and focus on the next chapter of my life (education). I will continue to be a passive investor (and owner) in the crypto industry. Our industry has entered a new phase. Alignment is super important." said. 🙏💼
CZ resigned as CEO of Binance last November, admitting that the exchange he founded in 2017 did not comply with anti-money laundering regulations outlined in the Bank Secrecy Act.
CZ chose to voluntarily surrender to imprisonment. Additionally, Binance agreed to a $4.32 billion penalty, while CZ paid a $50 million penalty and an additional $50 million to the U.S. Commodity Futures Trading Commission (CFTC).