Binance founder Changpeng Zhao sentenced to four months in prison
Zhao, who began the run on FTX that eventually revealed fraud at the exchange, pleaded guilty to breaking laws himself.
Binance founder Changpeng Zhao was sentenced to four months in prison for failing to establish adequate anti-money laundering protections. Zhao, once the head of the largest crypto exchange in the world, pleaded guilty in November 2023.
Judge Richard Jones says that Zhao prioritized “Binance’s growth and profits over compliance with US laws and regulations.” While Jones doesn’t think Zhao is likely to reoffend, the scale of the crime is notable.
