Changpeng Zhao, the founder of Binance, was sentenced to four months in prison for engaging in a giant money laundering scheme at what was considered the world’s largest cryptocurrency exchange.
“Despite wealth, power or status, no person — regardless of wealth — is immune from prosecution or above the laws of the United States,” US District Judge Richard A. Jones told Zhao.
BREAKING: The former Binance CEO Changpeng Zhao has been sentenced to four months in prison for allowing money laundering on the world's largest crypto exchange. https://t.co/RmyCxOZlwq
— The Associated Press (@AP) April 30, 2024
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“I failed here,” Zhao told the court Tuesday. “I deeply regret my failure, and I am sorry.”
Prosecutors were looking to sentence Zhao for three years, while Zhao’s defense had wanted him to serve no time at all.
This is a developing story. Stay tuned to VT.com for more updates.
Shane Devine is a writer covering politics and business for VT and a regular guest on The Unusual Suspects. Follow Shane’s work here.
While I don’t have access to the judgment of the court and the judge’s application of the law as well as the magnitude of the amount of money involved, prima facie, four months in jail seems like slap on the wrist.
Again I don’t have access the the court’s judgment and the applied law.
Anthony of Sydney