Binance, the world’s largest cryptocurrency exchange, came to prominence late last year with major allegations from the US Department of Justice. The founder and then CEO is a billionaire businessman Changpeng Zhao (CZ) The case focused on many allegations, including money laundering.

CZ admitted the allegations and resigned as CEO in November 2023. Moreover 50 million dollars He also agreed to pay. US to Binance A fine of $4.3 billion He had cut it off. Today an official decision on the indictment was made and the verdict of the famous billionaire was announced.

He was sentenced to 4 months in prison

The case was heard today in federal court in Seattle, presided over by Judge Richard Jones. Former Binance CEO accused of violating money laundering laws after hours-long hearing He was sentenced to 4 months in prison.

Prosecutors normally said Zhao would be sentenced to 36 months. sentenced to 3 years in prison He wanted him to be convicted. They thought this would also send a message to other potential criminals. However, their wishes did not come true. Jones stated that a three-year prison sentence would not be appropriate because there was no evidence that Zhao had any knowledge of illegal activities.

Another reason is the agreement that Zhao made in November. As part of this deal, which we mentioned at the beginning, the billionaire entrepreneur agreed to step down as CEO and pay $50 million. Zhao, who attended the hearing with his family, said in his statement that he was being punished for his actions. to apologize He stated that he wanted to take responsibility.

For details on what happened between Binance and the US:

Recently, the boss of another major cryptocurrency exchange was jailed: