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Reading: Binance Founder Changpeng Zhao Sentenced to Four Months in U.S. Prison
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Binance's Founder Changpeng Zhao Pakistan Crypto Council
PhotoNews Pakistan > Tech > Binance Founder Changpeng Zhao Sentenced to Four Months in U.S. Prison
Tech

Binance Founder Changpeng Zhao Sentenced to Four Months in U.S. Prison

Web Desk
By Web Desk Published May 1, 2024 1 Min Read
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Binance's Founder and fomer CEO Changpeng Zhao arrives at federal court in Seattle, Washington, on April 30, 2024. Photo Credit: AFP / JIJI
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Changpeng Zhao, founder of Binance, was imprisoned for four months after pleading guilty to violating U.S. anti-money laundering laws at the world’s largest cryptocurrency exchange.

Prosecutors had sought a three-year sentence, but U.S. District Judge Richard Jones in Seattle imposed a much lighter sentence. This decision followed a lengthy investigation into Binance and Zhao, residing in the United Arab Emirates.

The top #Crypto news from the last 24 hours as of 01 May 2024:

👉 Changpeng Zhao's Sentencing: Former #Binance CEO #ChangpengZhao, commonly known as #CZ, has been sentenced to four months in prison for violating U.S. money laundering laws. This development marks a significant… pic.twitter.com/kYvlipEWX0

— CryptoNewz_io (@CryptonewzIo) May 1, 2024

The penalty included Binance agreeing to a $4.32 billion fine, with Zhao personally paying $100 million in fines. Despite the severity of the allegations, including failure to report suspicious transactions linked to terrorist groups like Hamas, al-Qaeda, and Islamic State, Zhao’s sentence was lighter compared to other high-profile cases in the cryptocurrency sphere.

JUST IN: Former Binance CEO Changpeng Zhao sentenced to 4 months in prison. pic.twitter.com/i1gdlcTWzs

— Bitcoin Magazine (@BitcoinMagazine) April 30, 2024

Before his sentencing, Zhao expressed regret, acknowledging his failure to implement adequate anti-money laundering measures. His voluntary surrender to serve his sentence near Seattle highlights the consequences of prioritizing business growth over legal compliance.

The case underscores the U.S. government’s stance on enforcing stringent regulatory compliance, especially concerning financial dealings that could potentially support criminal activities.

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