đ Founder of leading cryptocurrency exchange Binance jailed for 4 months:
đ„Web Desk: Chang Peng Zhao, the founder of the well-known cryptocurrency exchange Binance, was sentenced to four months in prison for failing to implement an anti-money laundering program. Binance founder Chang Peng Zhao apologized for his wrongdoings before his sentencing in a federal court in the US state of Seattle.
đ„Binance has announced that it will pay more than $4 billion in fines to settle with the US and that its founder Zhao will step down as CEO.
đ„Yadarhe Zhao pleaded guilty to money laundering violations last year, admitting that his company Binance allowed terrorist groups and other criminals to access its platform. Defense lawyers asked for probation without jail time, while prosecutors called for a three-year sentence, calling it an "unprecedented" crime. Zhao, who is 47 and has a personal fortune of about $40 billion, agreed to step down as CEO and pay a $200 million fine, according to Bloomberg.
