Sentencing of Binance Founder Changpeng Zhao Has Been Announced

Binance, the world’s largest cryptocurrency exchange, came to the fore with major accusations made by the Department of Justice in the USA late last year. Its founder and then-CEO is a billionaire businessman Changpeng Zhao (CZ) The case centered on many accusations, including money laundering.

CZ admitted the charges and resigned as CEO in November 2023. Moreover 50 million dollars He also agreed to pay. USA to Binance $4.3 billion fine He had cut it. Today, an official decision was made on the charges and the sentence of the famous billionaire was announced.

He was sentenced to 4 months in prison

The case was held today in the federal court in Seattle, led by judge Richard Jones. Former Binance CEO sued for violations of money laundering laws after hours-long hearing He was sentenced to 4 months in prison.

Prosecutors normally said Zhao would be sentenced to 36 months, i.e. sentenced to 3 years in prison He wanted him to be sentenced. They thought this would also send a message to other potential criminals. However, their wishes did not come true. Jones stated that a three-year prison term would not be appropriate because there was no evidence presented that Zhao had any knowledge of illegal activities.

Another reason is the agreement Zhao made in November. As part of this agreement, which we mentioned at the beginning, the billionaire entrepreneur agreed to resign as CEO and pay 50 million dollars. Zhao, who attended the hearing with his family, stated in his statement that he was punished for his actions. apologizing He stated that he wanted to take responsibility.

For details of what happened between Binance and the USA:

Recently, the boss of another major cryptocurrency exchange was imprisoned: