Changpeng Zhao is Sentenced to 4 Months in Prison
The former CEO and co-founder of cryptocurrency exchange Binance has been sentenced to four months in prison. Indeed, Zhao faced the highly anticipated sentencing hearing today following his guilty plea to anti-money laundering law violations.
US prosecutors had recommended a 3-year sentence for the Binance head. Moreover, the court hearing took place today after it was rescheduled. Originally, the sentencing of the crypto mogul, known as CZ, was slated to take place in February of this year.
Also Read: Judge Denies Ex-Binance CEO Changpeng Zhao From Leaving US
Former Binance CEO Sentenced to Four Months in Prison
Within the digital asset industry, there were few exchanges as well-known or as prominent as Binance. It had long led the market, before the outcome of years-long investigations into the platform late last year. Ultimately, those findings led the company’s head to depart in a monumental move for the platform.
Subsequently, the exchange was charged with a $4.3 billion fine due to its various legal violations. Moreover, its former CEO and co-founder, Changpeng Zhao, has officially been sentenced to four months in US federal prison today.
Also Read: Binance Co-Founder Changpeng Zhao Announces New Project
The prison sentence was granted following Changpeng Zhao’s guilty plea to anti-money laundering law violations. Additionally, US prosecutors had recommended prison time based on Zhao’s crimes and standing in the market. Ultimately, the Seattle judge agreed with those prosecutors based on their verdict but shortened the time to serve
The sentence will now make Zhao one of the richest people ever to serve time in a United States federal prison. Specifically, Zhao has a personal net worth of more than $33 billion, according to Forbes.
Since the legal action taken against Binance, Zhao has been removed from its operations. Before the development, he was well established as the public face of the cryptocurrency exchange and the brand. Moreover, he was one of the most prominent names in the cryptocurrency industry.
Read More
Changpeng Zhao is Sentenced to 4 Months in Prison
The former CEO and co-founder of cryptocurrency exchange Binance has been sentenced to four months in prison. Indeed, Zhao faced the highly anticipated sentencing hearing today following his guilty plea to anti-money laundering law violations.
US prosecutors had recommended a 3-year sentence for the Binance head. Moreover, the court hearing took place today after it was rescheduled. Originally, the sentencing of the crypto mogul, known as CZ, was slated to take place in February of this year.
Also Read: Judge Denies Ex-Binance CEO Changpeng Zhao From Leaving US
Former Binance CEO Sentenced to Four Months in Prison
Within the digital asset industry, there were few exchanges as well-known or as prominent as Binance. It had long led the market, before the outcome of years-long investigations into the platform late last year. Ultimately, those findings led the company’s head to depart in a monumental move for the platform.
Subsequently, the exchange was charged with a $4.3 billion fine due to its various legal violations. Moreover, its former CEO and co-founder, Changpeng Zhao, has officially been sentenced to four months in US federal prison today.
Also Read: Binance Co-Founder Changpeng Zhao Announces New Project
The prison sentence was granted following Changpeng Zhao’s guilty plea to anti-money laundering law violations. Additionally, US prosecutors had recommended prison time based on Zhao’s crimes and standing in the market. Ultimately, the Seattle judge agreed with those prosecutors based on their verdict but shortened the time to serve
The sentence will now make Zhao one of the richest people ever to serve time in a United States federal prison. Specifically, Zhao has a personal net worth of more than $33 billion, according to Forbes.
Since the legal action taken against Binance, Zhao has been removed from its operations. Before the development, he was well established as the public face of the cryptocurrency exchange and the brand. Moreover, he was one of the most prominent names in the cryptocurrency industry.
Read More