Binance founder Changpeng Zhao sentenced to 4 months in prison for violating money laundering laws
Changpeng Zhao, the founder of the world’s largest cryptocurrency exchange Binance, has been sentenced to 4 months in prison for failing to comply with anti-money laundering requirements on the platform.
About this informs Reuters.
Zhao, known in the crypto community as CZ, pleaded guilty on Tuesday, April 30. However, the US Department of Justice sought 36 months in prison for him, arguing that Binance violated federal sanctions and money laundering laws.
Judge Richard A. Jones disagreed with the prosecution’s arguments, stating that “there is no evidence that the defendant was ever informed of the illegal activity on Binance.”
Given Zhao’s guilty plea and his positive characteristics, the judge concluded that 4 months in prison was a fair sentence.
“I believe the first step to taking responsibility is fully admitting your mistakes” Zhao said before the sentencing.
