Former Binance CEO Changpeng Zhao was sentenced to four months in prison on Tuesday after pleading guilty to money laundering charges.
Former Binance CEO Changpeng Zhao was sentenced to four months in prison on Tuesday in Seattle after pleading guilty to money laundering charges.
"Zhao’s willful violation of U.S. law was no accident or oversight," prosecutors said in their previous sentencing memo. "He made a business decision that violating U.S. law was the best way to attract users, build his company, and line his pockets." "Mr. Zhao is a forty-seven-year-old first-time offender. His life has been built on three pillars: devotion to his family, developing technology as a force for positive change in the world, and serving the greater good," his lawyers said.
Binance is also entangled in a lawsuit with the U.S. Securities and Exchange Commission. The regulator sued Binance Holdings and Zhao in June, accusing the crypto exchange of lying to customers, failing to restrict U.S. investors from accessing Binance.com, misdirecting capital to separated investment funds owned by Zhao, and operating as an unregistered exchange.Over 160 letters of support from family, friends and crypto industry professionals were filed on behalf of Zhao last week.
Kelleher also cited Zhao's wealth. Bloomberg reported Zhao to have a net worth of about $42.9 billion.
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