Former Binance CEO Changpeng Zhao has been sentenced to four months in prison, according to a report from Bloomberg on April 30.

Zhao said during sentencing:

“I failed here … I deeply regret my failure, and I am sorry.”

Zhao’s final sentence is considerably less than the three-year prison sentence prosecutors were seeking — more than twice the recommended guideline for the relevant charges.

Zhao’s lawyers had argued for no prison time.

A separate report from Fortune noted that Zhao will pay a $50 million personal fine, allowing him to keep most of his $43 billion in personal wealth. Zhao will be the wealthiest individual in the US prison system, according to the report.

Zhao pleaded guilty to the DOJ’s charges in November 2023 and stepped down from his CEO role.

The post Binance founder Changpeng ‘CZ’ Zhao sentenced to 4 months in prison appeared first on CryptoSlate.

Former Binance CEO Changpeng Zhao has been sentenced to four months in prison, according to a report from Bloomberg on April 30.

Zhao said during sentencing:

“I failed here … I deeply regret my failure, and I am sorry.”

Zhao’s final sentence is considerably less than the three-year prison sentence prosecutors were seeking — more than twice the recommended guideline for the relevant charges.

Zhao’s lawyers had argued for no prison time.

A separate report from Fortune noted that Zhao will pay a $50 million personal fine, allowing him to keep most of his $43 billion in personal wealth. Zhao will be the wealthiest individual in the US prison system, according to the report.

Zhao pleaded guilty to the DOJ’s charges in November 2023 and stepped down from his CEO role.

The post Binance founder Changpeng ‘CZ’ Zhao sentenced to 4 months in prison appeared first on CryptoSlate.