The founder of Binance, Changpeng Zhao, has been sentenced to four months in prison becoming the world\u2019s richest prisoner with a personal fortune estimated at $43 billion.<\/p>\n
Changpeng \u201cCZ\u201d Zhao was sentenced by a Seattle court on Tuesday after pleading guilty to violations of United States anti-money laundering and sanctions laws last year.<\/p>\n
A US judge handed down the four-month sentence despite prosecutors pushing for a three-year term, as the court took into account the \u201cpositive nature of Mr Zhao\u2019s past behaviour.<\/p>\n
His prison sentence marked a stunning downfall for the former boss of the world\u2019s largest cryptocurrency exchange.<\/p>\n
Facing his trial, the Prosecutors said Mr Zhao allowed fraudulent activities to happen because it was the \u201cbest way to attract users, build his company, and line his pockets\u201d.<\/p>\n
The US Government said, \u201cZhao bet that he would not get caught and that if he did, the consequences would not be as serious as the crime.\u201d<\/p>\n
In response, Mr Zhao\u2019s lawyers argued he should not be sent to prison and stressed he was sorry for the harm caused by Binance.<\/p>\n
The company was earlier this year ordered to pay $4.3 billion after an investigation found it had helped users bypass sanctions.<\/p>\n
During his defence, Mr Zhao apologised for his \u201cmistakes\u201d and said the company had been cooperating with the government\u2019s investigations.<\/p>\n
He said that once freed he planned to develop education technology for underprivileged children.<\/p>\n
The ruling comes weeks after Sam Bankman-Fried, Mr Zhao\u2019s rival and former chief executive of collapsed cryptocurrency exchange FTX, was sentenced to 25 years for a multibillion-dollar fraud.<\/p>\n
vanguard<\/p>\n","protected":false},"excerpt":{"rendered":"
The founder of Binance, Changpeng Zhao, has been sentenced to four months in prison becoming the world\u2019s richest prisoner with a personal fortune estimated at $43 billion. Changpeng \u201cCZ\u201d Zhao was sentenced by a Seattle court on Tuesday after pleading guilty to violations of United States anti-money laundering and sanctions laws last year. A US […]<\/p>\n","protected":false},"author":9,"featured_media":51742,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[14],"tags":[],"class_list":{"0":"post-51738","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-foreign-jurisdiction"},"aioseo_notices":[],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/dnllegalandstyle.com\/dnl\/wp-content\/uploads\/2024\/05\/Changpeng-Zhao.jpg?fit=525%2C350&ssl=1","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/dnllegalandstyle.com\/dnl\/wp-json\/wp\/v2\/posts\/51738","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dnllegalandstyle.com\/dnl\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dnllegalandstyle.com\/dnl\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dnllegalandstyle.com\/dnl\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/dnllegalandstyle.com\/dnl\/wp-json\/wp\/v2\/comments?post=51738"}],"version-history":[{"count":1,"href":"https:\/\/dnllegalandstyle.com\/dnl\/wp-json\/wp\/v2\/posts\/51738\/revisions"}],"predecessor-version":[{"id":51743,"href":"https:\/\/dnllegalandstyle.com\/dnl\/wp-json\/wp\/v2\/posts\/51738\/revisions\/51743"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dnllegalandstyle.com\/dnl\/wp-json\/wp\/v2\/media\/51742"}],"wp:attachment":[{"href":"https:\/\/dnllegalandstyle.com\/dnl\/wp-json\/wp\/v2\/media?parent=51738"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dnllegalandstyle.com\/dnl\/wp-json\/wp\/v2\/categories?post=51738"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dnllegalandstyle.com\/dnl\/wp-json\/wp\/v2\/tags?post=51738"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}