[US] Four-month prison term for Binance founder Changpeng Zhao

In the US, Changpeng Zhao - the founder and former CEO of the world’s largest cryptocurrency exchange Binance - has been sentenced to four months in prison, Finews reports.

The Binance boss pleaded guilty to violating money laundering laws, according to Reuters. The sentence is significantly shorter than the three-year term the Department of Justice originally sought. 

Last November, Binance and Mr Zhao agreed to pay $4.3 billion and $50 million penalties, respectively, to the US Commodity Futures Trading Commission.

Mr Zhao is the second big-name crypto boss to get a jail term in the US. In March 2024, FTX founder Sam Bankman-Fried was sentenced to 25 years for stealing $8 billion in customer funds. He is currently appealing his conviction and sentence. 

Source: Finews

(Link via original reporting)

In the US, Changpeng Zhao - the founder and former CEO of the world’s largest cryptocurrency exchange Binance - has been sentenced to four months in prison, Finews reports.

The Binance boss pleaded guilty to violating money laundering laws, according to Reuters. The sentence is significantly shorter than the three-year term the Department of Justice originally sought. 

Last November, Binance and Mr Zhao agreed to pay $4.3 billion and $50 million penalties, respectively, to the US Commodity Futures Trading Commission.

Mr Zhao is the second big-name crypto boss to get a jail term in the US. In March 2024, FTX founder Sam Bankman-Fried was sentenced to 25 years for stealing $8 billion in customer funds. He is currently appealing his conviction and sentence. 

Source: Finews

(Link via original reporting)