Ex-Binance CEO Changpeng Zhao sentenced to four months in prison
Changpeng Zhao, also known as CZ, pleaded guilty in November to violating U.S. money laundering laws and had been free to travel in the United States on a $175 million bond.
A federal judge has sentenced former Binance CEO Changpeng “CZ” Zhao to four months in prison for violating U.S. money laundering laws.
In an April 30 hearing in U.S. District Court for the Western District of Washington, Judge Richard Jones sentenced Zhao to four months in prison. Prosecutors had recommended the former Binance CEO serve three years for his failure to maintain an effective Anti-Money Laundering (AML) program while at the crypto exchange, to which he pleaded guilty in November. CZ’s lawyers requested he be given probation.
According to reports from the courtroom, Judge Jones said there was no evidence Zhao “was ever informed” of specific illegal activities at Binance, pushing back against prosecutors’ request to enhance the sentence from 18 months to three years. In final arguments, attorneys for the government suggested that CZ’s approach at Binance had been to ask for forgiveness rather than permission, and he shouldn’t be allowed to profit from his actions.
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Author: Turner Wright
