Founder of Binance crypto trading sentenced to four months in prison for money laundering

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Changpeng Zhao, known to be the founder of the famous cryptocurrency trading company, Binance, was sentenced to four months in prison on Tuesday, April 30, 2024 for money-laundering violation.

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According to reports, during court proceedings, Zhao was said to have pleaded guilty somewhere last year, “to violating US money-laundering laws at the world’s largest cryptocurrency exchange.”

He reportedly acknowledged during his plea that, “his company allowed terrorist groups and other criminals to have access to its platform.” A Judge who was present during Zhao’s first court appearance said that, “Mr. Zhao had taken responsibility for his offenses and was unlikely to break the law again.“

Founder of Binance crypto trading sentenced to four months in prison for money laundering

The Judge continued, “Your conduct does not warrant a 36-month sentence (his sentence is” a much lighter penalty than other crypto executives have faced since the industry imploded in 2022″). Mr. Zhao is a dedicated family man and a giving person with a staggering accomplishment in building Binance.”

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Per reports, Zhao remained calm during the sentence and could be observed nodding “vigorously during Judge Jones’s statement and touched his hand to his heart.” The only statement Zhao made in response to his sentence was, “I failed here. I deeply regret my failure, and I’m sorry.”

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