Binance Founder Changpeng Zhao Sentenced To 4 Months For Allowing Money Laundering
Credit: MGN
SEATTLE (AP) — Former Binance CEO Changpeng Zhao has been sentenced to four months in prison for allowing rampant money laundering on the world’s largest cryptocurrency exchange.
A judge on Tuesday credited Zhao for taking responsibility for his wrongdoing.
But he said he was troubled by the Binance founder’s decision to ignore U.S. banking requirements that would have slowed the company’s explosive growth.
The sentence was far less than the three years prosecutors had sought.
But defense attorneys had asked that Zhao spend no time in prison.
Zhao pleaded guilty in November to one count of failing to maintain an anti-money-laundering program.
