Binance founder Changpeng Zhao was sentenced to four months in prison for allowing rampant money laundering on the world’s largest cryptocurrency exchange.
Changpeng Zhao , the founder of Binance , the worldâs largest cryptocurrency exchange, enters the Federal Courthouse in Seattle Tuesday, April 30, 2024. Prosecutors are asking a judge on Tuesday to give Zhao a three-year prison term for allowing rampant money laundering on the platform. He pleaded guilty and stepped down as Binance CEO in November as the company agreed to pay $4.3 billion to settle related allegations.
At the time of the guilty pleas, Acting U.S. Attorney Tessa Gorman called it a watershed moment in corporate accountability. Prosecutors said Zhao ignored financial laws in the pursuit of profits at the risk of national security. Zhao benefitted financially from his crimes, prosecutors said, earning $50 million by allowing unregistered and illicit actors to make transactions that supported a wide range of criminal activities around the globe.
Zhao and Binance did this by failing to maintain an anti-money laundering program which allowed unregistered bad actors to move huge sums across the dark web — hidden from federal regulators.
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