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BREAKING: Binance Founder, Zhao sentenced to 4 months in prison

Founder and former Binance CEO, Changpeng Zhao has been sentenced to four months imprisonment

Binance Founder, Zhao sentenced to 4 months in prison

Zhao pleaded guilty in November 2023 to a money laundering charge.

Zhao, who went by the nickname CZ, has also satisfied the requirement of him to pay $50 million in fines, U.S. District Judge Richard Jones said in court Tuesday.

 

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The judge also won’t impose five months of probation as was recommended by the probation officer.

The 47-year-old admitted to violating the Bank Secrecy Act by willfully failing to set up an effective anti-money laundering system at Binance, the cryptocurrency exchange he founded and ran as CEO from July 2017 to November 2023.

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Binance also pleaded guilty to similar charges from the US Department of Justice in November 2023 and was forced to pay $4.3 billion in fines and restitution for failing to register as a money transmitting business, Forbes reported.

U.S. prosecutors had urged the court to sentence Zhao to three years in prison after he pleaded guilty to violating laws against money laundering.

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They argued that sentencing Zhao to twice the maximum 18 months recommended under federal guidelines would reflect the magnitude of his willful violations, and send a message that would deter others.

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