Changpeng Zhao, the billionaire founder of the giant cryptocurrency exchange Binance, was sentenced on Tuesday to four months in prison, a much lighter penalty than other crypto executives have faced since the industry imploded in 2022.
Mr. Zhao pleaded guilty last year to a money-laundering violation, acknowledging that his company allowed terrorist groups and other criminals to have access to its platform. Defense lawyers asked for probation without any prison time, while prosecutors requested a three-year sentence, calling it an “unprecedented” crime.
But Judge Richard A. Jones, who oversaw the case in U.S. District Court in Seattle, said in court on Tuesday that Mr. Zhao had taken responsibility for his offenses and was unlikely to break the law again.
“Your conduct does not warrant a 36-month sentence,” Judge Jones said. He called Mr. Zhao “a dedicated family man and a giving person” and praised his “staggering accomplishment” in building Binance.
Wearing a dark suit and light blue tie, Mr. Zhao, 47, did not visibly react as the sentence was announced. But he nodded vigorously during Judge Jones’s statement and touched his hand to his heart.
“I failed here,” Mr. Zhao said in brief remarks to the court. “I deeply regret my failure, and I’m sorry.”
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Changpeng Zhao (Chinese: 赵长鹏; pinyin: Zhào Chángpéng), commonly known as CZ, is a Chinese-born Canadian businessman. Zhao is the co-founder and former CEO of Binance, the world's largest cryptocurrency exchange by trading volume as of November 2023.
, the founder of the world's leading cryptocurrency exchange, was sentenced on Tuesday to four months in prison after pleading guilty last year to charges that he failed to maintain an effective anti-money laundering program.
Changpeng “CZ” Zhao once sat atop the crypto industry as the founder and CEO of Binance, the world's leading crypto exchange. On Tuesday, a judge in Seattle federal court sentenced Zhao to four months in prison as part of a plea deal—but the multibillionaire will still retain most of his wealth.
Changpeng Zhao, the founder of the world's leading cryptocurrency exchange, was sentenced on Tuesday to four months in prison after pleading guilty last year to charges that he failed to maintain an effective anti-money laundering program.
SEATTLE, April 30 (Reuters) - Changpeng Zhao, the former chief executive of Binance, was sentenced on Tuesday to four months in prison after pleading guilty to violating U.S. laws against money laundering at the world's largest cryptocurrency exchange.
Coinbase is the largest U.S.-based cryptocurrency exchange, trading more than 200 cryptocurrencies. Its fees, however, can be confusing and higher than some competitors.
Which is bigger — Coinbase or Binance? Binance is the world's largest platform in terms of trading volume, while Coinbase is one of the most popular exchanges in the United States.
Binance is the leader in platforms that offer a one-stop crypto hub for everything crypto-related. Coinbase is a better platform for users who are simply looking for an easy place to buy and sell crypto, and those with simple trading requirements that don't need a wide range of trading tools.
Binance US is legal across all the states, excluding New York, Texas, Louisiana, Hawaii, Idaho, and Vermont. As for the international version of Binance, it's unavailable in the US due to the local regulations mentioned above.
Binance was initially based in China, then moved to Japan shortly before the Chinese government restricted cryptocurrency companies. Binance subsequently left Japan for Malta and currently has no official company headquarters. Binance Holdings Ltd.
The Philippines Securities and Exchange Commission (SEC) has ordered the nation's National Telecommunications Commission to block access to cryptocurrency exchange Binance, for the simple reason that platform doesn't have a licence.
Binance Holdings Ltd., branded Binance, is a global company that operates the largest cryptocurrency exchange in terms of daily trading volume of cryptocurrencies. Binance was founded in 2017 by Changpeng Zhao, a developer who had previously created high-frequency trading software.
Changpeng Zhao, the former chief executive of Binance, was sentenced to four months in prison on Tuesday. The founder of the world's largest cryptocurrency exchange had pleaded guilty to violations of US anti-money laundering and sanctions laws last year.
The founder of the world's largest crypto exchange has been sentenced to four months in prison in the US for allowing criminals to launder money on his platform.
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