Binance Founder Changpeng Zhao, once considered the most powerful figure in the crypto world, was sentenced to four months in prison for violating anti-money laundering rules. In a Tuesday hearing, U.S. District Judge Richard Jones in Seattle ordered the sentence, which is significantly lesser than the three years sought by prosecutors. In November 2023, Zhao […]
The post Court Rules Changpeng Zhao’s 4-Month Sentence, Prosecutors Criticize appeared first on Coin Edition.
- U.S. District Judge Richard Jones in Seattle ordered Binance Founder Changpeng Zhao to a 4-month imprisonment.
- The judge states there is no evidence that Zhao was ever informed of Binance’s illegal activities.
- Zhao accepts responsibility for his actions, stating that the first step is recognizing his mistakes.
Binance Founder Changpeng Zhao, once considered the most powerful figure in the crypto world, was sentenced to four months in prison for violating anti-money laundering rules. In a Tuesday hearing, U.S. District Judge Richard Jones in Seattle ordered the sentence, which is significantly lesser than the three years sought by prosecutors.
In November 2023, Zhao pleaded guilty to breaching anti-money laundering laws and agreed to pay $4.3 billion in settlement. He was also accused of supporting the sale of child sexual abuse materials and received a large portion of ransomware proceeds.
Zhao highlighted the significance of accepting the responsibility minutes before the hearing. He cited,
“I think the first step to taking responsibility is to fully recognize the mistakes. Here, I failed to fully set up a [know-your-customer program. I also reco…
The post Court Rules Changpeng Zhao’s 4-Month Sentence, Prosecutors Criticize appeared first on Coin Edition.
