Binance founder Changpeng Zhao sentenced to 4 months for allowing money laundering
Binance CEO Changpeng Zhao was sentenced Tuesday to four months in prison for allowing rampant money laundering on the world's largest cryptocurrency exchange.
Zhao pleaded guilty in November to one count of failing to take required anti-money-laundering measures and stepped down as Binance agreed to pay $4.3 billion to settle related allegations. U.S. officials said Zhao deliberately looked the other way as people conducted transactions that supported child sex abuse, the illegal drug trade and terrorism.
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Offering CollegeCourseWebsiteIndian School of BusinessISB Professional Certificate in Product ManagementVisitMITMIT Technology Leadership and InnovationVisitIndian School of BusinessISB Product ManagementVisit «I failed here,» Zhao said before U.S. District Judge Richard A. Jones issued the sentence. «I deeply regret my failure, and I am sorry.»
The three-year prison term prosecutors sought was more than twice the guideline range for the crime. If he didn't receive time in custody for the offense, no one would, rendering the law toothless, they argued. Binance allowed more than 1.5 million virtual currency trades, totaling nearly $900 million, that violated U.S. sanctions, including ones involving Hamas' al-Qassam Brigades, al-Qaeda and Iran.
«He made a business decision that violating U.S. law was the best way to attract users, build his company, and line his pockets,» the Justice Department wrote in a sentencing memorandum filed last week.
Zhao's lawyers
