Changpeng Zhao, the former CEO of cryptocurrency exchange Binance was sentenced to four months in prison on Tuesday, with a personal fine of US$50 million and a US$4.3 billion fine on Binance.
Zhao pleaded guilty to money laundering charges last year.
The Department of Justice pushed for a three-year sentence.
His post-incarceration plans include working on the Giggle Academy, an educational initiative designed to provide accessible and adaptive basic education for children globally.
“I will do my time, conclude this phase and focus on the next chapter of my life (education). I will remain a passive investor (and holder) in crypto. Our industry has entered a new phase. Compliance is super important. A silver lining of this whole process is that Binance has been under the microscope. And funds are SAFU,” Zhao said on X.
The case against Zhao and Binance has been building since 2018, with U.S. authorities scrutinizing the company’s adherence to anti-money laundering statutes and sanctions.
The investigations, involving the Department of Justice, the Securities and Exchange Commission, and the Commodity Futures Trading Commission, accused Binance of enabling transactions for individuals linked to terrorism and child exploitation.
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- Source: https://forkast.news/binance-exceo-changpeng-zhao-sentenced-for-money-laundering/
