#Binance
Changpeng Zhao Sentenced to Four Months in Prison for Money Laundering
According to foreign media reports, on April 30, local time, Changpeng Zhao, the founder of Binance, the world's largest cryptocurrency exchange, was sentenced to four months in prison in the United States.
Earlier, the U.S. prosecutors said in a court document on April 23, local time, that Changpeng Zhao should serve 36 months in prison after admitting to violating anti-money laundering laws. Changpeng Zhao resigned as CEO of Binance in November last year, when he admitted to the violation and the company agreed to accept a fine of $4.32 billion.
As of press time, Bitcoin has touched $60,000 per coin, up 0.28% on the day.
On Tuesday, local time, Changpeng Zhao, the billionaire founder of Binance, was sentenced to four months in prison for suspected money laundering in his cryptocurrency exchange. U.S. District Judge Richard Jones told Changpeng Zhao in the Seattle federal court: "You had the ability, financial resources and manpower to ensure compliance with every regulation, but you missed this opportunity."
The sentence of the former head of Binance was far lower than the three-year sentence sought by federal prosecutors. The defense had asked for a five-month suspended sentence. According to sentencing guidelines, his sentence should be 12 to 18 months.
Last November, Zhao Changpeng reached an agreement with the U.S. government to resolve a multi-year investigation into Binance, the world's largest cryptocurrency exchange. As part of the settlement, Zhao Changpeng resigned as the company's CEO.
Zhao Changpeng was accused of willfully failing to implement an effective anti-money laundering program as required by the Bank Secrecy Act and allowing Binance to process transactions involving proceeds of illegal activities, including transactions between U.S. persons and individuals in sanctioned jurisdictions.
The United States ordered Binance to pay $4.3 billion in fines and forfeiture. Zhao Changpeng agreed to pay a $50 million fine. The U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission have filed lawsuits against Binance for allegedly mishandling customer assets and operating an illegal, unregistered exchange in the United States. #ETH
