CZ apologized for his actions as he received a four-month prison sentence

Changpeng Zhao (CZ), founder of cryptocurrency exchange Binance, was sentenced to four months in prison, much lower than the previously proposed three years in prison.

During CZ's trial at the Western District Court of Washington early on the morning of May 1 (Hanoi time), judge Richard Jones sentenced CZ to four months in prison, along with a fine of $4.32 billion for Binance.

Judge Jones said there was no evidence that CZ was "ever informed" of specific illegal activities at Binance, thereby rejecting prosecutors' request to increase the sentence from 18 months to 36 months earlier.

At trial, CZ apologized for his actions, saying "he spent a lot of quiet time alone reflecting". He took responsibility for not controlling Binance strictly according to regulations. After the court's verdict, CZ said he would appear and go to jail on the same day.

Kevin Mosley, representative of the prosecution, commented that the sentence was too light. "CZ's detention is necessary, reflecting the seriousness of his conduct," he said. "This sentence will encourage others to break the law and do so on the largest possible scale."

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