Former Binance CEO Changpeng “CZ” Zhao has been sentenced to prison for violating United States money laundering laws.
Changpeng Zhao, also known as CZ, pleaded guilty in November to violating U.S. money laundering laws and had been free to travel in the United States on a $175 million bond.In an April 30 hearing in U.S. District Court for the Western District of Washington, Judge Richard Jones sentenced Zhao to four months in prison. Prosecutors hadserve three years for his failure to maintain an effective Anti-Money Laundering program while at the crypto exchange, to which he pleaded guilty in November.
Attorneys for Zhao referenced information in documents presented to the court but sealed to the public as a “compelling factor” for the judge to consider at sentencing. His legal team argued that Judge Jones could impose probation for less than six months, claiming Zhao's wealth could make him a target in prison.
Many attending CZ’s hearing suggested that the event wasn’t as high-profile as Bankman-Fried’s trial or sentencing, which attracted long lines outside the New York City courthouse. Attorneys for the Justice Department also pushed back against comparing the two crypto figures, adding that the crimes were not about their personalities.
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